Waiting for Kim-Mai Cutler approval of my national housing reform plan ;-) Collecting fun morning tweetxchange:
@kimmaicutler @mattocko @dianeyentel Matt, do you 1) think current situation is problematic and 2) if so, how would you propose fixing it?
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@mishachellam Situation is intolerable. Housing should not be (rent or own) > 20% of HH budget. How to fix? @kimmaicutler @dianeyentel
@mishachellam 1/ Zoning (increase supply) & tax policy. Zoning: housing can *only* get denser, not other way @kimmaicutler @dianeyentel
@mishachellam 2/ w/in reasonable bounds for light/air, >> height along urban corridors. No new office space… @kimmaicutler @dianeyentel
@mishachellam 3/ w/out corresponding build out of residential units w/in 30 minute *mass transit* commute… @kimmaicutler @dianeyentel
@mishachellam 4/ which transforms ruthless RE barons into *mass transit advocates* overnight ;-) ; also… @kimmaicutler @dianeyentel
@mishachellam 5/ ZERO PERCENT capital gains, ever, on housing w/ permanent, irreversible rent controlled units @kimmaicutler @dianeyentel
@mattocko @mishachellam @dianeyentel Making the entire asset class behave more like a bond rather than a speculative hot cake.
@kimmaicutler yes, *exactly* — reward long-term investment & eusocial behavior vs. slash&burn “trading” mindset @mishachellam @dianeyentel
@mishachellam 6/ so attractive to build, inherit this ‘evergreen’ revenue stream which makes money over longterm @kimmaicutler @dianeyentel
@mishachellam 7/ conversely, 50%++ current income tax & cap gains & inheritance tax on RE w/ no rent control @kimmaicutler @dianeyentel
@mishachellam 8/ “if luxury is that lucrative/exciting, then prove it, Mr. Real Estate Baron” ;-) For single fam @kimmaicutler @dianeyentel
@mishachellam 9/ ZERO capital gains or inheritance tax to sell traditional home, buy into existing/new denser dev @kimmaicutler @dianeyentel
@mishachellam 10/ & 50% or greater cap gains, escalating w/ *shortness* of holding period for sale to 3rd party @kimmaicutler @dianeyentel
@mishachellam 11/ & similar inheritance tax kicking in 3rd generation; discourages flipping AND mansion building @kimmaicutler @dianeyentel
