The previous owner of this house was taxed as if it was worth only $65K for decades and just wandered off with $3.55 million. https://twitter.com/leahculver/status/1225435202345811968 …pic.twitter.com/UThBHuV1pU
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Inevitably people respond with: Why should HOMEOWNERS get thrown out of their homes for appreciation that they didn't ask for?
My answer: Imagine if cities weren't penalized for building more homes, and instead built more homes to stabilize prices.
Their reaction: 
I mean they're not building it tho....?
PREACH
Wow. So that's $5-10 billion of new housing wealth created each year, compared to $131 billion of value increasing in existing housing... (4000 units * $1.5 million = $6 billion. I added a fudge factor of ~2x because new housing may be slightly more expensive than old housing)
Housings a funny market isn’t it. Very little of the stock is sold and that marks the rest to market. Ends up being self-fulfilling prophecy as people hold assets because of paper value rises. Limited supply in turn drives prices.
Meaning if one were to introduce new supply into market, that would lower book prices, which would in turn push more people to sell, before prices dropped further, which would further lower prices.
The funny thing is in NY suburbs, the opposite is true. Property taxes are based on current assessments, then the costs of the tax become unsustainable for the occupants, especially as they get older. They get forced out of their communities. Taxing shelter requires an even hand.
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