Of course the unintended consequence of their greedy grab will be to kill the industry. Instead, homes will remain in states of relative dis-repair. No incentive to improve a home, then bring in a higher income family.
Oh sure, the greedy {censored} will justify their money grubbing policies as attempts to keep homes affordable. How about this, instead of enacting policies that enable, encourage, even cause people to remain in lower income brackets and live in ah "less desirable" conditions...How about policies that actually help people achieve success so they can afford a nicer home, nicer neighborhood? Of course a leftist isn't really about making things better for anyone but themselves.
Gotta pay for those illegals lobsters, medical care and cash payments for breaking laws here.
The proponent of the new law also fails to realize the municipal tax base will increase with the remodeled and renovated properties v. previously dilapidated properties. Sales tax revenue also decreases with fewer purchases of construction materials.
Stoooopid!
Soon government take all the houses and let you live there IF you are a good Zombie
Soon there won’t be anyone left in California other than illegal aliens and libtard movie stars and politicians.
I am conflicted on this. On the one hand, I don’t like tax as punishment for behavior. On the other hand, there are a lot of corporate purchases taking place from shadowy groups that are artificially raising prices in various markets and limiting supply with their purchasing power etc.
“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.
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.
So many people are escaping California taxes that house values and tax revenues are falling.
Solution: Raise taxes.
Sure. Makes sense to me.
So I guess buyers are not buying houses?
I love house flippers. They saved my neighborhood from becoming a street of decaying houses.
Sacramento never fail to outdo themselves with their stupidity. They won’t be happy until California is a statewide sea of homeless encampments encircling Hollywood.
Where will Christina move to?
Nah, it will just be included in the price like the exorbitant closing costs currently are.
A nice ranch house in Texas (WITH LAND) can be between $150,000 and $200,000.
The same house in California (WITHOUT the land) can easily be $1,000,000.
Just increase the selling price by 25%.
Any normal, sane person still living in California or attempting to do sane business there ought to be taxed at that rate or higher.
Flippers will now create rent-to-buy contracts lasting three years.