> the legal owner has to pay property taxes so why can’t they track it that way
...the legal owner would pay the property tax. The beneficial owner/controller would reimburse them.
> In the absence of rent control i can see landlords just forwarding the cost of taxes, but that’s where I’m a huge proponent of it. Discourage investing in homes unless you really have the capital
This reminds me of the effect of squatters' rights on rents. It discourages property owners becoming landlords.
You're increasing the cost of owning rental property while lowering its yield. What do you think will happen? Why not offer a tax deduction for landlords voluntarily submitting their properties to rent control, similar to conservation easements?
> It discourages property owners becoming landlords.
But that’s a good thing, no? I’d much rather they sell, instead of hoarding property.
And as for the tax deductions, why should homeowners get even more help from the government? Property tax is capped, homes appreciate like crazy, and there are already tax deduction in place. From where I’m standing, homeowners are sitting pretty with their mortgage being at an all time low. It is awful being a renter and having no idea if my landlord intends to jack up rent and having me wonder if it’s worth it to move.
That being said, I do understand that there’s a fine balance - like if there are no landlords, someone who isn’t ready to find a house won’t have a place to live. Maybe we should put controls in place on who can buy a house - foreigners and corporations shouldn’t, for example. That should counter people doing all-cash offers for above asking.
...the legal owner would pay the property tax. The beneficial owner/controller would reimburse them.
> In the absence of rent control i can see landlords just forwarding the cost of taxes, but that’s where I’m a huge proponent of it. Discourage investing in homes unless you really have the capital
This reminds me of the effect of squatters' rights on rents. It discourages property owners becoming landlords.
You're increasing the cost of owning rental property while lowering its yield. What do you think will happen? Why not offer a tax deduction for landlords voluntarily submitting their properties to rent control, similar to conservation easements?