Transfer taxes on home equity gains could generate orders of magnitude more funding for affordable housing.https://twitter.com/danielkayhertz/status/673912848003764224 …
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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Kim-Mai Cutler Retweeted Daniel Kay Hertz
Transfer taxes on home equity gains could generate orders of magnitude more funding for affordable housing.https://twitter.com/danielkayhertz/status/673912848003764224 …
Kim-Mai Cutler added,
@kimmaicutler transfer taxes are worse than gains taxes because they disincentivize selling when values rise slowly (as they should!)
@kimmaicutler also SF's transfer tax is buggy, rates are not marginal, so going just over the 1/4-million dollar boundary gets much more tax
@khuey_ @kimmaicutler I'm sure the most likely voters (homeowners) have no interest in voting for something that takes away their money.
@rolandlisf @khuey_ they didn't do anything to make their home values double. The tech industry's job growth did.
@rolandlisf @khuey_ besides this proposal refers to 1% of supra-normal gains
@kimmaicutler @khuey_ Stills seems politically unfeasible. :(
@rolandlisf @kimmaicutler G could have passed if rates weren't exorbitant (24%?!?), didn't exempt large bldgs, better chinese lang campaign.
@rolandlisf @kimmaicutler but the tax was designed to be punitive rather than raise revenue for BMR housing construction so ...
@khuey_ @rolandlisf it taxed total sale price, not gains.
@kimmaicutler @rolandlisf right. Insanely punitive. And it still managed to get 46%.
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