Had a scary convo today abt how this makes Low-Income Housing Tax Credits less attractive to banks & may crush affordable housing productionhttps://twitter.com/nytimesbusiness/status/817830178604851200 …
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oh I know. Tax havens for HNW individuals. And yet.... what else are we going to do given the current situation?
Pass a hefty new state tax on mansions (defined as homes with value of +1M) to pay for public housing?
homes w/ values of more than $1M describes a lot of shacks across coastal California
And the need to layer subsidies on top of LIHTC consumes nonprofit housers' time/skill dealing w/complexity.
HNWI limited in ability to utilize LIHTC by IRC 469. Replace corporate demand with HNWI demand by relaxing IRC 469.
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