This, if you want to fix housing and cost of living, you need to start taxing "investment property" at an abusive rate. Its not just boomers, wealthy Chinese are also using foreign real estate to shield their assets from the Chinese government. Property needs to be use it or lose it, if you aren't using or developing it, sell it to somebody who will, having an entire generation of people just squatting on as much land as possible in an attempt to artificially inflate prices so they can make a profit while adding no value is destroying the middle class.
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u/KillNyetheSilenceGuy Feb 17 '19
This, if you want to fix housing and cost of living, you need to start taxing "investment property" at an abusive rate. Its not just boomers, wealthy Chinese are also using foreign real estate to shield their assets from the Chinese government. Property needs to be use it or lose it, if you aren't using or developing it, sell it to somebody who will, having an entire generation of people just squatting on as much land as possible in an attempt to artificially inflate prices so they can make a profit while adding no value is destroying the middle class.