Comment on Millions can no longer afford their rent
dipshit@lemmy.world 9 months agoI am fine with demoing the buidlings and creating new apartments / condos if that’s what it takes. It just seems like this wouldn’t be true for all buildings, but maybe most. You’re right that the owners of these properties are placing a huge bet on their buildings being used for commercial use again. The city should tax vacant buildings higher to discourage squatting on these properties by commercial investors.
c0mbatbag3l@lemmy.world 9 months ago
Land.
Value.
Tax.
dipshit@lemmy.world 9 months ago
Unless that’s what I just described (a land value tax), I’m not sure what you’re saying here.
c0mbatbag3l@lemmy.world 9 months ago
It’s exactly what you described.
Essentially people will hold onto property in order to make more money on it through land value inflation.
If we tax the crap out of property that isn’t being used, then either the tenant will do something with it or sell it to someone who will, instead of just waiting for the market to double their money while they play golf.
dipshit@lemmy.world 9 months ago
Seems sensible to me.