@twliterary then they want out, and they sell at a profit bc they don't want to deal with maintenance, prop. mgmt
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@twliterary then someone else comes in, buys the bldg at a higher valuation than the rent controlled cashflow can support --> Ellis, TIC
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@twliterary fast appreciation certainly incentivizes other building owners to sell, however.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@twliterary for small multi-unit buildings, often the owner passes away, then the kids inherit a building w low cashflow due to rent controlThanks. Twitter will use this to make your timeline better. UndoUndo
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@kimmaicutler which part of the tax code encourages them to sit on *vacant* properties? Prop 13 has no income test afaik -
@SoBendito@kimmaicutler Doesn't encourage so much as fail to penalize - 4 more replies
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@kimmaicutler London/UK has something similar--non-resident owners w/vacant properties don't pay property tax. See: MayfairThanks. Twitter will use this to make your timeline better. UndoUndo
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@kimmaicutler@BenedictEvans Yes, its so easy. Because land prices ALWAYS GO UP!!Thanks. Twitter will use this to make your timeline better. UndoUndo
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@kimmaicutler I wish we had land-value taxes instead.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@kimmaicutler it is mindboggling that less than 10 years after a giant property crash people can say such stupid things.Thanks. Twitter will use this to make your timeline better. UndoUndo
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