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Discussion in 'The Mainboard' started by GoodForAnother, Nov 6, 2020.
and a lot of the ones i've gone to since covid have switched over to HGTV instead
rich burbs trying to go nuclear
NIMBY's don't deserve oxygen
There is absolutely nothing wrong or controversial with a state AG saying that cities must comply with state laws, not to mention all authority of a city to make its own codes, including for zoning, is granted from the state.
Does this get your blood pumping
make this nationwide baby
every state needs this. That and tax the shit out of non primary residences
Cuz it gets me rock fucking hard
Minnesota - the Land of 10,000 Socialisms
I’m all for the ban on corporations buying SFRs, but purchasing an investment property as an individual already comes with a large down payment (typically 25% since 20% has an absurd amount of points), 2.125% additional cost when doing 25% down, and 0 tax exemptions as it is. It’s higher everything overall.
Fannie Mae and Freddie Mac increased the cost on 2nd/vacation homes to match that of investment properties due to how many were flooding the market. Not sure it’d be wise to levy any additional taxation since values being higher already raised taxes immensely.
good, abolish private property landlord scum
I’d love to know what that would look like for housing and the housing market overall. Would definitely lean towards less appreciation I’d think, which could be a good thing but would also make own/renting more similar unless you held long enough to build substantial equity position to offset agent commissions and seller-paid closing costs.
homes as investment is bad. should be seen like your car as a constantly depreciating need.
real estate agents only exist because of criminal conspiracies at this point but we aren't ready for that
the entire real estate-mortgage industrial complex is gross and full of the worst people
no offense, real estate and mortgage guys on here.
moreso like the Japanese style then? It’d definitely shake up this country majorly, but then I also wonder what would happen to those who their home is their only investment (lack of retirement and savings is at an absurdly high rate for a strong amount of the country). Would that further make things worse for them if they had less of an investment vehicle for future growth since the home would no longer be viewed as one and they are already not saving for the future?
I’m not saying housing is end all be all, but there are definitely a ton of clients I’ve worked with where their house was their only investment before buying and after buying. If they didn’t buy, they weren’t putting money away at a high clip for any semblance of a retirement vision.
I’m a huge advocate of every state implementing finance and credit classes into their curriculum so we could solve the overall issues in this country with education. I really don’t think until then could we even think about making the switch to that type of model due to aforementioned issues. If you saw the stuff I see daily with clients credit, attempts to overextend themselves on housing purchase (and EVERYTHING), and then also having little in the bank, I think you’d agree with me that it’s more than just housing that truly needs to be fixed for any change to work.
I’m ready for that. I definitely think they should have reduced commissions by a heavy amount at minimum.
I can also mostly agree here as a mortgage banker of 10 years who survives on real estate agent referrals. Most get into the industry due to not having direction, like myself, who joined right out of college. I’ve stayed because guidelines and programs are ever-updating and I truly love helping people buy homes. I implement new affordable guidelines into my business as soon as they are allowed. It’s honestly amazing hearing clients cry when you approve them and let them know they are cleared to close.
It's a complete scam. If I want to sell my home I have to give 6 figures to a arbitrary middle man who skims money off the top. That person has no right to your profit but they get a cut for some reason.
Do you mean six percent? If not, congrats on the house.
That would still be 6 figures for most homes?? At least that's the average in Georgia
It takes a $1.7mm house to get to six figures at 6% commission.
Shit I mean 5. Counting is hard
Real estate is the biggest scam. No other asset purchased actually appreciates in value except for real estate. These boomers that are using a house to fund their investment, bought the house in the 80s for like $100k and haven't put a penny into it since can turn right around and sell it for $600k. So then you get screwed buying the house for 600 then have to put another 100+ into modernizing it.
2025 is the predicted start of the population cliff, no? Seems like housing might be a bit easier by 2035.
unless corporations own a huge percentage of houses and leave them empty writing off those losses but keeping housing scarce
On top of that, too, though are the differences in real estate taxes that are also a scam.
Certain states are “cap states” where the property assessment re-evaluates upon on a new owner buying at a higher price.
My brother for instance bought a home in San Francisco for 1.25m and California reassesses taxes at 1.25% of the new purchase price. So that same plot of land went from $9750 in annual taxes up to $15625 annually without anything truly changing in the local municipality’s duties.
So all these people who have held for years end up selling and the local tax collecting authority makes an increased amount without additional benefits, while it’s also making housing less affordable.
I would love to know how much property taxes increased around the country in total during the purchase boom of 2020-early 2022 and what’s actually being done with those increased funds.
Sounds like your brother could have saved himself $6,000 per year by buying his house in an LLC
Can’t typically close residential real estate in a LLC through a mortgage company, but can switch it after depending on occupancy type and product
Let me tell you a little story about Jarvis-Gann Prop 13 from 1978
God, this is needed everywhere.
a very unlikely state senate win by Dems in MN has had an obscenely big impact on politics here
its kind of crazy
There is another side to this- the cap allows people in gentrifying neighborhoods to be able to keep their home instead of being pushed out due to a tax bill they can’t afford. In a fucked up system, this is one of the less fucked up things.
Edit: I live in a cap state. Thanks to the increased tax revenue, our town built a new elementary school and has started some new initiatives for displaced persons. We also have liberal elected officials at the state, county and city level though.
I was a staunch democrat until I read Name P. Redacted say he wants to take my homes from me. Trump 2024
Who/where was that seat?
Weird how not electing psychopaths can greatly improve your life and economy
Dems continue to be fucking Cuck's and why is Lindsey Graham on the Daily show?
Fort Lauderdale saw an increase of 12.94% in property values between 2021 and 2022. During the same period, Broward County’s property tax base grew 10.66%. The estimated assessed value of taxable property in Fort Lauderdale reached $48.8 billion as of June, according to the Broward County Property Appraiser.
Fort Lauderdale expects to collect $193 million in property taxes next year — enough to cover nearly 44 percent of the city’s $440 million operating budget. The fire fee will bring in another $50 million. Various other taxes will boost the city’s general fund by $76 million.
Will be interesting to see what they do with the increased tax revenue. While Florida as a state is a lost cause, maybe a place like Ft Lauderdale will implement some positive social reforms. Lived down there in 2004, and while it was by no means a liberal haven, relative to the rest of the state it’s…better. Then again, that was almost 20 years ago and the Fl electorate has changed quite a bit recently and not in a good way.
Orlando is about as blue as it gets. But that's probably going to change soon as things become less affordable and people flee the state. Also racist chuds moving in
Tell me more about more affordable and people fleeing please.
Are we talking about liberal voters leaving Orlando for where?
Fucked that up
It was like 3 seats. Don't really know specifically where in the state but first Dem trifecta here in 30 years iirc
KC (Johnson County part) where i live had the property taxes go up by an average of 13%. It varied by municipality.
Florida's only hope is fortifying Tallahassee as a liberal stronghold against the red hordes that make up the rest of the state, predominately the greater Alachua county area.
thomas county Georgia will annex you and turn our purple state beautiful blue
Wasn’t trying to be a dick, I thought I was missing something. Correction makes sense, get it now. Thanks.