States target wealthy homeowners with new property taxes, sparking backlash

seekingalpha.com

17 points·donsupreme··5 comments

If this 2nd home people being taxed, the story should read “target absent homeowners”. They can be rich as Croesus as long as they’re living in the primary residence. Empty house or “investment properties” used for airbnb are what cities and governments are trying to avoid as they push up prices and don’t help those w/housing.

Pushing up home prices (via comparable valuations) is the issue. Not affordable housing per-se.

These second homes cause a hotspot in local prices that then spreads out further over the years as the neighbors sell their homes and demand higher prices (since "that's the market now"). Eventually (a decade or more) it does affect cheaper homes in the area and price out people.

But knowing human nature, this is probably just local government doing a money grab. Because someone buying a $23mm home won't even miss the little bite.

Good, tge wealthy are parasites on society. They take too much and give nothing back. They always threaten to leave the country and tke their wealth with them, well I say dont the door hit you on the way out.

The story title should read States Target Owners of Expensive Vacation Homes

Different states will have different versions of these laws, it might not always be second homes. The hypervigilance about titles isn't necessary.

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