this post was submitted on 24 Aug 2023
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Economics
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This is for apartments only. For the most part I don’t believe corporations should own single family housing, with the exception of vacation homes and those numbers need to be booked up at least 50% of the year and there should be a cap on how many a corporation can own
I would do a tiered tax rate depending on vacancy for apartments.
Example 1% property tax if property is 95-100%
5% 80-94%
10% 60-79%
Etc etc
Absolutely punish the complexes that charge ridiculous rates while sitting at a 20% vacancy. I know plenty in my town that are doing exactly that. Charging $1500 for a small one bedroom apartment while all the units are sitting empty.
Reward the full ones with a low tax rate and punish the ones sitting on empty housing with a high rate.
Sounds like a nightmare to oversee and upkeep. Much easier to just make it easier for companies to build more housing so that there's enough competition to drive prices down