I have an idea! why don't you start taxing apartment buildings based on their rent assuming that they were at full capacity. for instance, if you have an apartment building with 100 rooms available renting at $2,000 a room, and your tax rate is 10%, tax that landlord $20,000 a EDIT: month, not year!
instead of having tons of empty apartment buildings because the landlords refuse to lower rents in order to maintain the property value of the apartment, maybe you will actually fill up all of that living quarters!
Kill property tax along with it and maybe that would help.
Actualy just kill property tax, and end corporations having land rights. End the ability for non residents of a state to own land in that state. All corps, foreigners and immigrants must rent.
in this case, killing property tax won't help. the core of the rent issue is that properties are being bought up as investments for their value, rather than for rental income. that's why no landlords are willing to lower rent, because if they do it reduces the property value and actually loses the money.
what needs to happen is they need to be losing money when the properties are not actually rented out. replacing their income tax with a property tax based on number of rented units and what they're rented at would drive the local economy to solve this problem.
getting rid of property tax will just be more incentive for them to hold on to their investment properties without actually renting them out.
I have an idea! why don't you start taxing apartment buildings based on their rent assuming that they were at full capacity. for instance, if you have an apartment building with 100 rooms available renting at $2,000 a room, and your tax rate is 10%, tax that landlord $20,000 a EDIT: month, not year!
instead of having tons of empty apartment buildings because the landlords refuse to lower rents in order to maintain the property value of the apartment, maybe you will actually fill up all of that living quarters!
Kill property tax along with it and maybe that would help.
Actualy just kill property tax, and end corporations having land rights. End the ability for non residents of a state to own land in that state. All corps, foreigners and immigrants must rent.
in this case, killing property tax won't help. the core of the rent issue is that properties are being bought up as investments for their value, rather than for rental income. that's why no landlords are willing to lower rent, because if they do it reduces the property value and actually loses the money.
what needs to happen is they need to be losing money when the properties are not actually rented out. replacing their income tax with a property tax based on number of rented units and what they're rented at would drive the local economy to solve this problem.
getting rid of property tax will just be more incentive for them to hold on to their investment properties without actually renting them out.
100x2k is 2M/month. 2M/month is 24M/year 10% would be 200k/month, 2.4M year.
lol we are both bad at math.
2000x100 = 200,000.
200,000x12 = 2,400,000.
10% of 2,400,000 = 240,000 (yearly tax).
240,000/12 = 20,000 (monthly tax)
This is why you don't math in public without two calculators and pencil and paper