Probably a good sign for my financial future that I have essentially no idea what "equity" is
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I think that would mean that the taxes would be paid in the form of a loan against the house? So, the advantage here is that if you, say, get gentrified out and your taxes spike because house value spiked, then you have big equity because it's value-loan and value just went
So the suggestion is that the taxes would be paid by giving the state partial ownership stake in the house. I have lots of questions there - is this stake an interest-bearing loan? Or does the government expect to get paid only on the sale of the house?
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And for someone in a position where their income doesn't cover tax assessments against the house, I'm really worried about any deal that involves them giving up equity. They could end up taxing away all of their equity and then still have to move, which would be a disaster.
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Taxes aren't a one-time-thing after all. The thing is, for folks being gentrified out, the equity that the value-spike creates can be the seed money necessary for a down payment on a new home (part of the reason renters getting gentrified are in much worse shape).
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