Further, it’s not a tax on capital; it’s a tax on land. It’s very explicitly designed to target land, as land has distinct economic properties that make it a prime target for taxation.
And yes, it does target speculative investments like those of Blackrock:
It reveals that much of the anticipated future tax obligations appear to have been already capitalised into lower land prices. Additionally, the tax transition may have also deterred speculative buyers from the housing
market, adding even further to the recent pattern of low and stable property prices in the Territory. Because of the price effect of the land tax, a typical new home buyer in the Territory will save between $1,000 and $2,200
per year on mortgage repayments.
The problem in my experience is that these landlords cut cost as much as possible, doing the bare minimum to rake in as much as possible. Barely maintaining shit, late maintenance, crappy construction even if it looks nice, nickel and diming left and right. It’s like this at every apt I’ve been at.
Not really, they’re maintaining their asset, just like washing your own clothes isn’t a job you get paid for, keeping your house in working condition isn’t
The only rights we have are the ones given by those in power to the weak.
In this case, you say that housing is a human right. Someone with a pet would label you a monster for not including them. Do animals not have the right to housing?
Housing isn’t a human right, it’s civilization’s privilege. Housing uses resources and knowledge to build. Its impact on the environment needs to be considered and whether its foundation can withstand nature’s whims.
You got a lot of people pointing out that your generalizations aren’t entirely accurate. The problem isn’t landlords, it’s foreign nations coming in and buying up land for the purposes of exporting the labor and production of that nations economy by leeching off of rent.
The problem isn’t landlords; they serve a purpose. It’s corporations acting as landlords that’s the issue. Corporations acting as landlords are allowing foreign nations to export our resources through ownership of property.
Oh, you’re gonna lambast me for telling you to do that because you’re a renter?
That’s exactly what you opine. You don’t want landlords. Thus you want everyone to buy their property and not rent it, right?
So go ahead and do what you espouse, and buy your property. Then when you want to move, sell the property to someone else before buying the next property.
I dunno about this one. Maintaining residential areas does take some work. Bills and all that do have organizational skills. Is it a 40 hour a week job? Depends on how big it is and how many residents there are.
I just got charged a $50 fee on a 7$ bill. The apartment had been empty and I wanted to move in on the 1st. Told me they couldn’t because they already had two people moving in that day and they can’t do more than that as per policy. Ugg fine I was driving all the way across country and was on limited time. Setup all my bills but couldn’t start them on the 29th because the bills were still in someone else’s name…fine the 1st then. Two months later the apartment sends me a 57$ bill because…:( rent is twice my house mortgage I just sold :( there is a 150$ mandatory fee for amenaties…how this isn’t considered part of rent is beyond me…it’s not good out here…
Rental income is considered income, and taxed assuming reasonable tax brackets much higher than investment income (That is to say, caiptal-gains. Interest/Dividends are also taxed at the higher income rate)
The cost of maintaining a livable home, property taxes, insurance, property depreciation, and renter interactions eat into the supposed windfall that landlords make.
I’m not saying it doesn’t suck sometimes and that certainly these formulas are out of whack in some situations, but there are no easy answers.
Rental income is considered income, and taxed assuming reasonable tax brackets much higher than investment income
Depends on how the income is structured. You can own shares in a REIT that manages properties and count the dividends paid out as investment income.
The cost of maintaining a livable home, property taxes, insurance, property depreciation, and renter interactions eat into the supposed windfall that landlords make.
We had interest rates as low as 2.8% APY within the last three years. States have been lowering property taxes steadily for the last decade, as prices skyrocketed. Depreciation doesn’t lower the land-value, which is where most of the price inflation has occurred since the first big real estate booms of the 90s. And “renter interactions”? I don’t even know what this is attempting to imply. Is cashing the checks costing you money?
Some of the biggest investments hedge funds have made since the COVID crisis have been in residential real estate. This, in a market where The Magnificent Seven stocks have performed 20-30%/year for several years. Someone who works for Warren Buffet clearly sees a windfall in landlord-ism that you’re not seeing.
It’s a “job”. But it’s a shit career. Having to put up with destructive, unruly, and frankly unsanitary renters is a fucking nightmare.
You can live off of investment income. That’s the way capitalist systems work. Don’t hate the players, hate the game. Most of these “leech” landlords, are middle class people that have a slight step up, and instead of railing against the people at the top, you’re complaining about the people who barely have it better than you. I get the argument, but it’s directed at the wrong people.
However I am always amused at the “Don’t hate the player, hate the game” comment, because invariably the people doing the hating hate both (the game that allows the player to exist, and the player for perpetuating it). It’s always been a funny comment to me.
Like when you complain about a particular type of corruption in a politician (which is technically not illegal) and you get “Don’t hate the player, hate the game,” when the whole point is we should change the system so that politician can’t be corrupt. I feel like people get lost in this idea that a person working within a bad system is inherently blameless because the system allows the bad thing (it’s not wrong if it’s allowed), any criticisms made must inevitably be directed at the person doing the bad thing in that system (undeservedly, hence the “don’t hate the player”), and that since it’s in that person’s self interest to perpetuate that system it is also in their interest to treat the system as immutable.
Like, you can’t have it both ways. Either you recognize the system is bad, even if you benefit from it, and it should be changed, OR you are the system and deserve to be criticized for it.
Honestly anyone who happens to own two to five different properties shouldn’t honestly be taxed nearly as much as anyone who is going to own 50… 200… 1,000 + properties who should then at that point be taxed 100% on their profits.
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How has no comment in this thread yet mentioned Georgism or Land Value Tax? That is the solution to Landlordism
A land value tax is a good tool to help ease the transition away from landlords, but it alone is not enough.
Regardless, we definitely should be primarily relying on LVT for government income.
it’s really not tho, i’m sorry but all Georgism/ and value tax is/was a form of pre-marxist capital taxation.
or do you think that Property tax is stopping BlackRock as we speak?
Property taxes != Land value taxes
Further, it’s not a tax on capital; it’s a tax on land. It’s very explicitly designed to target land, as land has distinct economic properties that make it a prime target for taxation.
And yes, it does target speculative investments like those of Blackrock:
https://osf.io/preprints/osf/54q68
!justtaxland@lemmy.world
I would argue that a live-in landlord that does maintenance work or acts as a building super is in fact doing a job.
Otherwise, agreed.
The problem in my experience is that these landlords cut cost as much as possible, doing the bare minimum to rake in as much as possible. Barely maintaining shit, late maintenance, crappy construction even if it looks nice, nickel and diming left and right. It’s like this at every apt I’ve been at.
Not really, they’re maintaining their asset, just like washing your own clothes isn’t a job you get paid for, keeping your house in working condition isn’t
Washing clothes and building maintenance absolutely is labor.
Rent is far, far higher than the cost of building maintenance though.
Landlords existing isn’t a boring dystopia. Pick a different community for the meme.
removed by mod
Found the landlord
Problem with banning them outright, is where are all the people who can’t afford to buy a house going to Live?
Sure, house prices might drop and some people might be able to buy. What about the rest?
Make them homeless?
The price of housing would fall percipitously without investment property and become affordable again.
Got a source for that claim? I legit want to know.
Basic supply and demand? If you take out investment buyers then total buyers is reduced (the demand portion of supply and demand).
So no actual source to prove this. I’ll even accept an international study.
Edit: 3 days later and no source.
Housing is a human right.
The only rights we have are the ones given by those in power to the weak. In this case, you say that housing is a human right. Someone with a pet would label you a monster for not including them. Do animals not have the right to housing?
Housing isn’t a human right, it’s civilization’s privilege. Housing uses resources and knowledge to build. Its impact on the environment needs to be considered and whether its foundation can withstand nature’s whims.
deleted by creator
Be a landlord
Pay a cleaning crew to handle the janitorial services.
Pay a contractor to handle repairs.
Pay a management company to handle the day-to-day activities.
Complain that I’m not making enough money on the property.
Raise the rent to the market-clearing price.
Demand the municipal government lower my taxes, because its the only way to incentivize me to buy more property.
Got a lot of angry landlords in these comments. Oops.
You got a lot of people pointing out that your generalizations aren’t entirely accurate. The problem isn’t landlords, it’s foreign nations coming in and buying up land for the purposes of exporting the labor and production of that nations economy by leeching off of rent.
The problem isn’t landlords; they serve a purpose. It’s corporations acting as landlords that’s the issue. Corporations acting as landlords are allowing foreign nations to export our resources through ownership of property.
Here you go: https://youtu.be/m1m7WmKJZyQ
Then go buy a house.
Oh, you’re gonna lambast me for telling you to do that because you’re a renter?
That’s exactly what you opine. You don’t want landlords. Thus you want everyone to buy their property and not rent it, right?
So go ahead and do what you espouse, and buy your property. Then when you want to move, sell the property to someone else before buying the next property.
I dunno about this one. Maintaining residential areas does take some work. Bills and all that do have organizational skills. Is it a 40 hour a week job? Depends on how big it is and how many residents there are.
I just got charged a $50 fee on a 7$ bill. The apartment had been empty and I wanted to move in on the 1st. Told me they couldn’t because they already had two people moving in that day and they can’t do more than that as per policy. Ugg fine I was driving all the way across country and was on limited time. Setup all my bills but couldn’t start them on the 29th because the bills were still in someone else’s name…fine the 1st then. Two months later the apartment sends me a 57$ bill because…:( rent is twice my house mortgage I just sold :( there is a 150$ mandatory fee for amenaties…how this isn’t considered part of rent is beyond me…it’s not good out here…
Stealing… some people really live in a fary tail.
How would you categorize the landlord class?
“the landlord class”… what is that even supposed to be?
Do you know what stealing means? How does that apply to landlords?
It is a job when you’ve got dozens of shitty tenants always complaining about petty little things like heat, mold, and infestations
Rental income is considered income, and taxed assuming reasonable tax brackets much higher than investment income (That is to say, caiptal-gains. Interest/Dividends are also taxed at the higher income rate)
The cost of maintaining a livable home, property taxes, insurance, property depreciation, and renter interactions eat into the supposed windfall that landlords make.
I’m not saying it doesn’t suck sometimes and that certainly these formulas are out of whack in some situations, but there are no easy answers.
Depends on how the income is structured. You can own shares in a REIT that manages properties and count the dividends paid out as investment income.
We had interest rates as low as 2.8% APY within the last three years. States have been lowering property taxes steadily for the last decade, as prices skyrocketed. Depreciation doesn’t lower the land-value, which is where most of the price inflation has occurred since the first big real estate booms of the 90s. And “renter interactions”? I don’t even know what this is attempting to imply. Is cashing the checks costing you money?
Some of the biggest investments hedge funds have made since the COVID crisis have been in residential real estate. This, in a market where The Magnificent Seven stocks have performed 20-30%/year for several years. Someone who works for Warren Buffet clearly sees a windfall in landlord-ism that you’re not seeing.
(In the US) divedends are taxed as ordinary income. REITs are required to disburse their profits to the shareholders as divedends.
Only buy-low, sell high appreciation is taxed as capital-gains.
It’s a “job”. But it’s a shit career. Having to put up with destructive, unruly, and frankly unsanitary renters is a fucking nightmare.
You can live off of investment income. That’s the way capitalist systems work. Don’t hate the players, hate the game. Most of these “leech” landlords, are middle class people that have a slight step up, and instead of railing against the people at the top, you’re complaining about the people who barely have it better than you. I get the argument, but it’s directed at the wrong people.
I get what you’re saying, and I’m not arguing it.
However I am always amused at the “Don’t hate the player, hate the game” comment, because invariably the people doing the hating hate both (the game that allows the player to exist, and the player for perpetuating it). It’s always been a funny comment to me.
Like when you complain about a particular type of corruption in a politician (which is technically not illegal) and you get “Don’t hate the player, hate the game,” when the whole point is we should change the system so that politician can’t be corrupt. I feel like people get lost in this idea that a person working within a bad system is inherently blameless because the system allows the bad thing (it’s not wrong if it’s allowed), any criticisms made must inevitably be directed at the person doing the bad thing in that system (undeservedly, hence the “don’t hate the player”), and that since it’s in that person’s self interest to perpetuate that system it is also in their interest to treat the system as immutable.
Like, you can’t have it both ways. Either you recognize the system is bad, even if you benefit from it, and it should be changed, OR you are the system and deserve to be criticized for it.
Honestly anyone who happens to own two to five different properties shouldn’t honestly be taxed nearly as much as anyone who is going to own 50… 200… 1,000 + properties who should then at that point be taxed 100% on their profits.
I collect rent from a roommate. The unemployment office doesn’t consider it income so it doesn’t impact my unemployment payout.
The government doesn’t even consider landlord income to be employment income.