Quote:
Originally Posted by GGG
Sort of, That is the progressive part of property taxation. We accept that those who can pay more do pay more.
But a person who is spending day 600k on a house should be rewarded in lower taxes when they choose a smaller footprint. So you incentivize a multi family inner city home over a suburban home.
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Many of these buildings around the city are at well below capacity and are turning sales units into rentals due to a complete lack of interest. Even then, a quick search online reveals a staggering amount of availability. The majority of homeowners simply don't want to buy into units that are typically too small, located 20 floors above ground and then run like a police state with rules and regulations.
I just can't see that taking off besides the fact that these units only appeal to a very narrow band of the cities population. If you start penalizing the typical suburban family, you're likely going to create a situation where people simply start moving to outlying communities that aren't much farther away. It's a very slippery slope.