Posted on 03/10/2022 6:26:30 AM PST by vespa300
A state law maker from San Diego says short-term investors are contributing to the housing crisis. Now he’s introduced a Bill he says will give average people a chance to own a home again.
Flipping houses is nothing new. You purchase a property, make necessary changes and then sell it for a profit.
(Excerpt) Read more at abc10.com ...
This will ruin what’s left of California.
“It would be an additional income tax on the profit gain from a sale that occurred within three years of the previous sale,” said Ward.
Tell me you don't understand taxes without telling me you don't understand taxes.
What will they put on HGTV?
Lots of others states to flips houses in. Screw CA
Taxes solve all problems. Tax everything at 100 percent. Actually make it 200 percent.
They are trying to stop the stampede out. Next stop - Berlin wallsl with guards towers.
Colorado already charges 2% on home profits for homes owned less than 2 years.
Passive income?
No wonder Democrats hate it.
Just another attack on free markets and capitalism. Flippers earn their money. Buy, fix, resell. I mean it’s not like they are buying pristine homes. Those can be sold without flippers.
Markets are efficient even when it comes to flippers.
Here is what you think will happen with this tax: The tax will discourage flippers from buying up homes then flipping them for much higher prices, thus lowering overall home prices.
Here is what will happen: Flippers will take this 25% Gains tax into account when pricing their flips, and housing prices will raise even higher as a result.
Crack an Economics book once in a while, OK?
I’m not endorsing any new taxes or additional government control, but I’ve wondered for a long time when the government would start putting itself in the middle of real estate transactions.
Prices in this state have gone up to ridiculous levels yet the percentage the agents and brokers get remained the same, 6%, so often they are making hundreds of thousands for doing the same amount of work that earned them tens of thousands a decade ago.
Even if you think it’s a good idea 25% seems a tad excessive
Thats 3%, not 6%
State wants their reward for creating the inflation......................
or the poor person who became ill and had to sell the house because they needed the money to pay for medical treatment?
Libs are so cold hearted.......
Didn’t Californians moving to Colorado pretty much ruin Colorado? That’s what people say.
Isn’t buying a house, fixing it up, and selling it for a profit a good thing? What am I missing here?
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