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 ...
They aren’t dumb...It’s deliberate
“Baxter’s over there, Rojo’s there, me right smack in the middle.” - Clint Eastwood in a Fistful of Dollars. That’s our government today....
If I bothered to take the time to expose the housing industry in a book of which I’ve only contemplated, it would make your head spin.
Short answer: The next time anyone reading this is at an event/dinner party and someone crows about their successes in real estate, throw a drink in their face.
They are the useful idiots in this grand scheme and are deserved of forceful retribution.
In the absence of banking rules to compel action by all 50 states, this tax will only be passed on to the poor sap on the receiving end.
But here’s the punchline:
Those of you who watch their home values climb as a measure of wealth or disposable income are as much to blame as those perpetrating the scheme.
Lol, what a way to crash the only thing left in California keeping people there...the housing market.
SOOOOO—IF your company moves you to another location-—YOU GET PUNISHED???
I don’t watch many of those shows...
But...
I have concluded that rundown & NOT HABITABLE properties are being revived. Neighborhoods are being cleaned up.
NEW owners who give a damn about the property-—and fresh taxes-—especially in the state of Calif which taxes property based upon the selling price.
Is there a single usable brain cell among all the Calif Legislature?
We already know Newsom doesn’t have ANY.
They certainly ruined Oregon.
Not IMPROVING Nevada, either.
These people can’t seem to figure out basics...
A flipper comes in, fixes up a house a resells it...
Yet this is somehow driving up housing prices?
How? Are they forcing people to BUY for the price they are selling for?
Please explain to me the logic here.... OH THAT’S RIGHT, THERE ISN’T ANY!!
Now, also explain how TAXING the people who do this 25% will help keep housing costs down? If you raise their costs, they will just sell for even more money to make up the difference... how is that going to keep housing prices down?
Let alone the morality of the government taking 25% of someones profits for doing NOTHING....
I just listened to the justification about this.
Long story short, it is to stop gentrification of historically minority areas.
Didn’t realize it was going to be a bill
This is a good idea. I think they should impose 25% tax on these yahoos who flip stocks within a matter of seconds too. Way too much speculating going on. AKA - gambling.
No, the folks who buy properties at tax sales and foreclosures are bottom-feeding scum and they should be tarred and feathered and run out of town!
So many people are escaping California taxes that house values and tax revenues are falling.
Solution: Raise taxes.
Sure. Makes sense to me.
Many homes in Detroit were being sold by the City/County for $100. Some were even less.
Even This Old House has featured a couple of such rebuilds. Some had “Sweat Equity” involved from the person purchasing the home & repairing it.
Everything is a win-win-win-—
EXCEPT in the eyes of Calif politicians.
San Jose is already asking residents to take in homeless persons. January 2022.
So I guess buyers are not buying houses?
What did the flipper do, other than buy it from the bank and fix it up?
-PJ
Yes, but I don’t think blackrock, who I think you are thinking of, is flipping property.
I have always bought homes that needed some work but did it on my own over time. Young people want them all fixed up first.
What did the flipper do??? Like a vulture, the flipper swooped in and started feeding off a carcass. I don’t blame vultures for doing that, because that is what vultures do. Humans have a choice.
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