Brickbat: No Vacancies

San Francisco voters have approved a measure that will tax the owners of some vacant housing units. Starting on Jan. 1, 2024, landlords who own three or more units that have been vacant 182 days in a given tax year will be taxed between $2,500 and $5,000 per unit. That would increase over time to $20,000 if the units remain vacant. Single-family houses and duplexes will be exempt from the tax.

Comments

[Kungpowderfinger]

I’m thankful for the cornucopia of bold new ideas the Democrats bestow upon us.

[SQRLSY One]

Let's tax Nancy Pelosi and her husband until they give in, and occupy these empty units of housing!

[Utkonos]

That’ll hammer it home for them!

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[Adans smith]

So now their taxing zero [ or zed for our Canadian friends ] income. What will they think of next? I'm having roast duck , veggies and cheese cake today. And some single malt. Have a happy Thanksgiving.

[Earth-based Human Skeptic]

Hah! I propose that we estimate the maximum possible incomes and asset values possible if capitalists were not so lazy, and then tax those incomes 110% because profit is wrong.

[Jerryskids]

Happy Thanksgiving everyone! Today I am grateful for how much my government loves me and wants me to do well so I can pay my 200,000 dollar share of the national debt.

[Earth-based Human Skeptic]

For now, just pay your share of the 2022 federal budget (about $18,000 per person).

[mpercy]

I'd be real happy if that was all they demanded from me, instead of 5 times that.

[Fist of Etiquette]

San Fran is taxing the vacancies their policies encourage. Makes sense.

[SQRLSY One]

And then they will confiscate the empty units for unpaid taxes, and turn MORE cities into Detroit! Meanwhile, we'll be colonizing Mars, while everyone is chicken-shit TOO SCARED to colonize Detroit, etc.!

[Earth-based Human Skeptic]

Look at it this way: the enlightened elites are taxing (i.e. punishing) people who don't comply with the will of the people. Now that's how to democracy.

[Longtobefree]

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[Don't look at me!]

Who keeps track of vacancies in private property?

[TangoDelta]

I’m sure the gov’t of San Fran is more than nepotistic enough to find some family member willing to take the newly created positions of vacancy czar, vice vacancy czar, deputy vacancy czar, assistant deputy vacancy czar, assistant to the deputy vice vacancy czar, etc. Or they could form a YAC (Yet Another Committee) to take up the task.

[Utkonos]

I can already hear all the empty rhetoric.

[TangoDelta]

I can see companies like Airbnb benefiting greatly from this law as there is a carve-out for "units intended for tourists or other travelers". No doubt that exemption won't last too long or will be more narrowly tailored to those with the proper connections.

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[Bubba Jones]

Out of roughly 40,000 empty units in the city, the San Francisco Controller's Office estimates that 4,000 units are likely to qualify for the vacancy tax.

Why do they think these units are vacant? I’m a bit more sympathetic to the concerns in Vancouver where Chinese investors are buying inventory and leaving it vacant simply to get cash out of China. You don’t really want your local housing market distorted by Chinese politics.

[m40195971]

If I were emperor of the US, all properties owned by foreign investors would be confiscated as proceeds of money laundering crimes.

It’s the only time I see using asset forfeiture for the public good.

[Tim B]

Taxing spare capacity? What could possibly go wrong?

[Unicorn Abattoir]

Next up - taxing homeless for not taking up the vacancies.

[m40195971]

It’s really not spare capacity, as it’s kept off the rental market indefinitely. The whole point of buying it is to keep it empty, otherwise some ass tenants could ruin its value.

[TangoDelta]

It isn't like Cali makes it easy to get rid of some ass tenants.
https://reason.com/2016/12/30/a-uc-berkeley-professor-couldnt-evict-he/

[markm23]

What is the value of rental property that cannot be rented at a profit? It's not like there's any reason to expect a better regulatory environment in the future. It seems to me that the value of the property is whatever the value of the land would be if the building was torn down, minus the cost of tearing it down - but since SF's regulators will either prevent anything else ever being built on the land, or ensure whatever is built operates at a loss, the only way you can get to a value above zero is to sell it to a fool who doesn't understand what the city government will do to him, or to a corrupt crony who will be treated differently by the politicians.

[Untermensch den 2]

And with this SF inadvertently lurches in the direction of Georgist property tax policy. Tell them that and they’ll have to conclude that they are racist and evil since that is surely what they would call Georgism.

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