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 @khuey_ ok let's just keep tacking on $100K+ in fees per new housing unit 40 years into a shortage for an inadequate amt of BMR
@kimmaicutler @rolandlisf as we discussed at @SFyimby-conf yesterday, it's ridiculous to expect the "newcomers" to pay for everything.
@khuey_ @kimmaicutler @SFyimby I think many see it as having private capital pay, but yeah some fees -> new renters, I think.
@rolandlisf @khuey_ @SFyimby depends when it's set and whether it's priced into the land sale underlying the development
@rolandlisf @khuey_ @SFyimby if you were to ask for higher % before the land is acquired, wouldn't the developer pay less for the land
@kimmaicutler @rolandlisf @khuey_ @SFyimby Yes, land values will adjust to any fees, affordable housing %, upzoning or downzoning. Tax land!
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