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kimmaicutler's profile
Kim-Mai Cutler
Kim-Mai Cutler
Kim-Mai Cutler
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@kimmaicutler

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Kim-Mai CutlerVerified account

@kimmaicutler

Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.

San Francisco
medium.com/initialized-ca…
Joined April 2008

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    1. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      Prior to 1986, the federal tax code subsidized apartment construction. For example, someone spends $15 million to build apartments. Every year, they could use depreciation to reduce their taxable income by $1 million, even if actual value of the building didn't go down. 2/

      4 replies 8 retweets 51 likes
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    2. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      The top marginal tax rate back then was 50%, which meant that prior to 1986, the federal government was paying for half the construction cost of every privately developed apartment building in the USA. 3/

      3 replies 5 retweets 42 likes
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    3. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      The Tax Reform Act of 1986 changed that. Reagan wanted to cut the top tax rate from 50% to 38%, but didn't want to cut the budget, so to make up for cutting the top rate, the depreciation subsidy for real estate was eliminated, along with other changes. 4/

      4 replies 9 retweets 49 likes
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    4. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      This not only shut down the apartment construction pipeline, but it also left many recently built apartments cash flow negative. Many owners defaulted on their loans, and this was a major cause of the savings and loan crisis. Many small banks and credit unions failed. 5/

      6 replies 8 retweets 60 likes
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    5. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      The Tax Reform Act of 1986's impact on housing was anticipated, & two compromises were made. The first was the Low Income Housing Tax Credit. LIHTC is an indirect federal subsidy. It allows businesses to fund low income housing instead of paying taxes. https://en.m.wikipedia.org/wiki/Low-Income_Housing_Tax_Credit … 6/

      1 reply 2 retweets 30 likes
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    6. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      The amount of subsidy provided by LIHTC was much less than the subsidy provided by depreciation, since LIHTC only applies to low income housing while depreciation applied to rental housing at all income levels. 7/

      1 reply 2 retweets 26 likes
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    7. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      Low Income Housing Tax Credits also come with much overhead spent on accountants, lawyers, etc. They don't fund entire projects, rather, they are among the "matching funds" that affordable housing piece together on top of a base of local housing $ https://www.housingfinance.com/news/one-project-19-funding-sources_o … 8/

      2 replies 0 retweets 24 likes
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    8. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      Meanwhile, Reagan's 1986 tax reform act also added federal subsidies for people buying a single family home by increasing the subsidy towards the Mortgage Interest Deduction. MID basically makes income spent on a mortgage tax-free. Bigger house, bigger subsidy. 9/

      3 replies 6 retweets 39 likes
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    9. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      In short, Reagan's 1986 tax reform cut taxes for the rich from 50% to 38%, killed local banks, brought urban middle income housing construction to a halt, and fueled suburban sprawl. 10/

      2 replies 35 retweets 116 likes
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    10. Alfred Twu‏ @alfred_twu 20 Jan 2019
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      Today, as we consider restoring the top tax rate to 70% and having a #GreenNewDeal , let's also look at the incentives in the tax code and the way they shape our society in ways larger but more subtlely than laws or direct funding might. 11/end

      7 replies 10 retweets 149 likes
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      Kim-Mai Cutler‏Verified account @kimmaicutler 20 Jan 2019
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      Replying to @alfred_twu

      Do you have a research paper about this beyond the Wikipedia page?

      11:50 PM - 20 Jan 2019
      3 replies 0 retweets 0 likes
        1. Alfred Twu‏ @alfred_twu 20 Jan 2019
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          Replying to @kimmaicutler

          This paper has some discussion on the 1986 tax reform's impact on the value of buildings.https://www.researchgate.net/publication/5141898_The_Effect_of_the_Tax_Reform_Act_of_1986_and_Regional_Economies_on_Apartment_Values …

          0 replies 2 retweets 3 likes
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