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Harris to endorse protections for renters and removal of key tax benefits for Wall St. investors buying homes (www.nbcnews.com)

submitted 3 months ago by return2ozma@lemmy.world to c/politics@lemmy.world

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[-] Rivalarrival@lemmy.today 2 points 3 months ago* (last edited 3 months ago)

Don't protect "renters". The entire concept of "renting" needs to die in a fucking fire.

Instead, we need to jack up taxes on residential properties. Send them to the moon. $2000/yr? Fuck that: $2000/month.

But nobody actually pays these exorbitant rates, because we create an "Owner Occupancy Credit". The tax rate is only high if the owner doesn't live in the home.

What happens to renters? Do landlords jack up their prices to cover the increased property taxes? Or do they offer their tenants a private mortgage or a land contract, so they don't have to pay the hiked taxes?

When they can make more money as a lender than as a landlord, they aren't going to be renting anymore. Establish an owner occupancy credit, and "landlords" will be fighting tooth and nail to convert tenants into buyers.

(The actual tax rate should target an 85% owner occupancy rate. When more than 20% of the population is renting, the non-occupant tax rate is increased 1% per year. When less than 10% is renting, the non-occupant tax rate is dropped 1% per year. )

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[-] MediaBiasFactChecker@lemmy.world -4 points 3 months ago

NBC News - News Source Context (Click to view Full Report)

Information for NBC News:

MBFC: Left-Center - Credibility: High - Factual Reporting: High - United States of America
Wikipedia about this source

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https://www.nbcnews.com/politics/2024-election/harris-endorse-protections-renters-removal-key-tax-benefits-wall-st-in-rcna166821

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this post was submitted on 15 Aug 2024

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