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Should troll Fancy Pelosi be allowed to stay? This poll is closed. |
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| No |
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DoomTrainPhD posted:The best solution is to ban corporations from owning homes.
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Jun 10, 2021 15:50
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Mr Luxury Yacht posted:Is land transfer tax not a thing in the US? it varies by state, and most states have some kind of land transfer tax we can generically respond to a lot of the preceeding posts about land taxation and how investment property needs to be taxed at a higher rate as "that is already how it works, more or less"
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Jun 10, 2021 15:52
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TPC analysis of the Biden budget/tax plan is out. short story:  looks good to me, hopefully some of that survives the summer. Getting rid of the step up in basis rule in particular. e: link
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Jun 10, 2021 16:02
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DoomTrainPhD posted:The best solution is to ban corporations from owning homes. This and require they be lived in by the owner a minimum number of days a year. The world could do with a reduction on the number of landlords.
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Jun 10, 2021 16:04
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Ither posted:https://twitter.com/EmersonPolling/status/1402747333419278336 https://twitter.com/HenryRosoff/status/1402748589839900677?s=20 Well, this is depressing.
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Jun 10, 2021 16:05
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How come Adams is so popular?
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Jun 10, 2021 16:06
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dreffen posted:
Yeah. gently caress. I'm moving to the Raleigh area this summer and even with a decent income, I can't afford anything for my family. It's incredibly depressing. I don't know what I'm going to do. I'm in Mississippi and the market is even in sane here too. I mean it's coming close to "just quit the new job and find something local again" territory b/c moving and buying a home is starting to become out of reach.
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Jun 10, 2021 16:07
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Yeah.
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DoomTrainPhD posted:The best solution is to ban corporations from owning homes. They use a lot of shell buyers who often get a cut and sometimes hold the property under the shell buyer for extended periods.
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Jun 10, 2021 16:09
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Thom12255 posted:How come Adams is so popular? Only candidate with long elected experience, is black, is a former cop who says he wants to "do public safety right" and still reform the police (72% of New Yorkers say they need more NYPD officers on the street and rank crime/public safety as their #1 issue), and is one of the few candidates that hasn't inappropriately kissed someone or answered a debate question with "I don't know. That's why I'll hire people to know and let them do it."
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Jun 10, 2021 16:11
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ReidRansom posted:Wife and I are basically resigned to not owning a home until our parents have died and we're able to sell one or both of theirs. And like, we do alright! We're pretty bougie! But you can't chase a bubble being pumped by cash buyers who will buy sight unseen. I don't know where all this money is coming from. It's crazy. Our only real path to home ownership is executing the quit claim my mother in law gave my wife for the home we rent from her.
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Jun 10, 2021 16:11
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Thom12255 posted:How come Adams is so popular? NYPD, FDNY and a whole bunch of other endorsements that still hold weight in NYC. A lot of these candidates aren’t well known to a lot of people so endorsements weight heavily. See also Garcia being dredged from an also ran by the NYT, and Wiley’s jump to second with her recent endorsements.
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Jun 10, 2021 16:20
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https://www.cnbc.com/2021/06/09/propublica-tax-leak-investigation-will-be-priority-attorney-general-garland-says.html Attorney General Garland vows billionaire tax leak to ProPublica will be ‘top of my list’ to investigate quote:Attorney General Merrick Garland told lawmakers that investigating the source of a massive leak of taxpayer information behind an article by ProPublica will be one of his top priorities.
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Jun 10, 2021 16:27
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https://twitter.com/APhilosophae/status/1402434266970140676?s=20
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Jun 10, 2021 16:35
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I don't think that's very surprising. It's a major leak of taxpayer information, I can see why the DOJ would want to be involved, but in the article istelf Garland says that he's mostly leaving it to the IRS Commissioner to deal with and then refer to DOJ if they find anything.
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Jun 10, 2021 16:35
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Leon Trotsky 2012 posted:Only candidate with long elected experience, is black, is a former cop who says he wants to "do public safety right" and still reform the police (72% of New Yorkers say they need more NYPD officers on the street and rank crime/public safety as their #1 issue), and is one of the few candidates that hasn't inappropriately kissed someone or answered a debate question with "I don't know. That's why I'll hire people to know and let them do it." Not to white wash the fact that he legit can be scummy and has lovely policing policies. Not that he would, but at this point can Stringer take himself off the ballot?
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Jun 10, 2021 16:36
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fyi this thread devolves into pretty insane poo poo https://twitter.com/APhilosophae/status/1402449561864577024
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Jun 10, 2021 16:39
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Here's a good summary of why the Biden/Garland DOJ is still defending crappy lawsuits started by the Trump administration https://www.vox.com/22524314/trump-rape-e-jean-carroll-biden-doj-justice-department-merrick-garland-westfall-act It's basically the usual slimy Trump strategy of ignoring norms and standards to get out of trouble intersecting with people who actually care about those norms. Their choices boil down to "permanently weaken yourself,hand over weapons that can be used against you, and give the impression you only do things for political reasons" or to defend his slimeball arguments.
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Jun 10, 2021 16:40
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brugroffil posted:fyi this thread devolves into pretty insane poo poo Yeah the only credible thing in here is the WSJ article which doesn’t support the strong claims being made by the tweet author. In short: yes large institutional investors are indeed buying homes. Everything beyond that in this tweet thread veers from unsupported conjecture to Q-tier crazy.
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Jun 10, 2021 16:46
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brugroffil posted:fyi this thread devolves into pretty insane poo poo I really would like the fed to raise interest rates a few points because that will stop a lot of this nonsense in the housing market.
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Jun 10, 2021 16:47
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DoomTrainPhD posted:The best solution is to ban corporations from owning homes. ReidRansom posted:Wife and I are basically resigned to not owning a home until our parents have died and we're able to sell one or both of theirs. And like, we do alright! We're pretty bougie! But you can't chase a bubble being pumped by cash buyers who will buy sight unseen. I don't know where all this money is coming from. It's crazy.
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Jun 10, 2021 16:47
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IMO the Georgists had the right idea. Tax land. Tax land a lot.
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Jun 10, 2021 16:57
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Youth Decay posted:IMO the Georgists had the right idea. Tax land. Tax land a lot. There's no amount of money that a corporation or the ultra-rich can't afford. Fees and fines only apply to the "poor" (all of us). Unless you make it a truly absurd amount, like billions, but good luck getting that passed.
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Jun 10, 2021 17:06
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I mean, like the crypto currency problems we're having now, the root cause seems to be the same: excessively concentrated wealth is not being properly incentivized to make riskier investments. Push inflation up a percentage or two, and parking your money in US real estate becomes less attractive. Put some pressure on the money laundering too to discourage using 'investments' to move money.
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Jun 10, 2021 17:08
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Wasn’t there incentive in the past for the US that had a high tax rate and the only way you could get around that was to invest/expand business or something that drove growth? So businesses invested into the economy
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Jun 10, 2021 17:20
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Lets be honest - rationality has nothing to do with it. These people loved The Hunger Games and are just trying to buy people out of homes so they can usher in their ultra-bougie districts.
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Jun 10, 2021 17:25
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Gatts posted:Wasn’t there incentive in the past for the US that had a high tax rate and the only way you could get around that was to invest/expand business or something that drove growth? So businesses invested into the economy Yes, and Republicans and business owners spent decades dismantling that piece by piece and convincing the rest of the country that trying to pull that poo poo again is Gay Commie Socialism as conceived by Antifa.
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Jun 10, 2021 17:26
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the article seems to suggest that the reason that big institutional investors rolled into the space was more making a market: many more houses were trying to be sold in the aftermath of the great recession than there were people to buy them. so the big institutional investors figured they'd buy at cut-rate prices, rent them out, and sell when they figured prices had recovered enough that landlording no longer made sense. their primary goal appears to have been "buy low, sell high" and to rent out to cover carrying costs rather than long-term landlording. that blackrock is bidding 20-50% above what other people will pay appears to be fiction from the tweet author, largely confusing bids above asking (which is happening in a lot of markets right now) with above "fair value" or the like. in those markets, individuals competing against other individuals are paying that amount above asking, it's not caused by blackrock et al. it's being caused by a sudden surge in demand for suburban houses after the past year, as well as the oddity that for many people COVID cut down on their discretionary spending and boosted their savings (not all or nearly all, of course - this was mostly concentrated in the sort of middle-class professional jobs that are going to be looking to buy a house). most of the dirty money is spent buying super-expensive apartments - because why buy 10 houses when you can buy one if your goal is to launder dirty money - and nobody anyone should care about is crying over the price of 10m+ apartments in manhattan. Tibalt posted:I mean, like the crypto currency problems we're having now, the root cause seems to be the same: excessively concentrated wealth is not being properly incentivized to make riskier investments. this is almost correct but not quite. the problem is not inflation. the problem is interest rates, which remain near-zero. do you know what you get if you put your money in a 1-year treasury? 0.04%. no, I didn't miss a decimal place: you get one-twentieth of one percent in interest. and it has been like that basically since 2008. that's not normal. as a result, vast swaths of the places you'd normally park some capital have effectively no return on investment. the only game in town is the stock market, which everyone knows is probably overvalued - but there's nowhere else to go, so you gotta buy anyway. as a result, money is sloshing into all sorts of stupid poo poo, like cryptocurrency, and hilariously stupid startups. to fix this the fed needs to raise interest rates, which it was doing and then bam, covid. it won't start raising them again until the economy recovers some more from covid. as a result, even though with housing prices recovering those institutional buyers should probably be selling, not buying, homes, they'd rather keep buying because if they sell they've got nowhere else to put their money.
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Jun 10, 2021 17:34
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Gatts posted:Wasn’t there incentive in the past for the US that had a high tax rate and the only way you could get around that was to invest/expand business or something that drove growth? So businesses invested into the economy that's currently the case, the capital gains tax rate is hilariously low compared to the marginal income tax wage-earners make. but the benefits are...debatable...because if you have $100m, you're gonna invest it rather than stuff it into a mattress regardless of if the capital gains tax rate is 20% or 40%.
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Jun 10, 2021 17:35
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Tibalt posted:I mean, like the crypto currency problems we're having now, the root cause seems to be the same: excessively concentrated wealth is not being properly incentivized to make riskier investments. excessively concentrated wealth is not being properly confiscated to make strong, needed public investments like housing, health care, education, and green energy, imo
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Jun 10, 2021 17:44
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BonoMan posted:Yeah. gently caress. I'm moving to the Raleigh area this summer and even with a decent income, I can't afford anything for my family. It's incredibly depressing. I don't know what I'm going to do. Yeah, I'm not sure what we're going to do here - same issue just not new jobs. We're in the Wake Forest area so we're not in Raleigh but the problems are the same. Nice area at least.
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Jun 10, 2021 17:49
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Also a house seems like a dumb investment because it requires supervision and maintenance to ensure it doesn’t drop in value and it also deals with a whole new annual tax system that other assets avoid. We have an empty lot next to us because the owners bought in 2006 at bubble prices and decided to build elsewhere but they didn’t sell before the crash and the value still isn’t what they paid for it. In the interim 15 years they’ve paid way more in property tax than the land is valued at today, plus other poo poo like lawn cutting services and someone to shovel the sidewalk in front of the lot. Institutional investing in houses would have all of that plus needing someone to go and make sure the pipes don’t burst or animals don’t build poo poo in the attic and ruin the whole drat house.
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Jun 10, 2021 17:50
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In other news. https://mobile.twitter.com/mjs_DC/status/1403003065582510081 https://twitter.com/mjs_DC/status/1403004784811012103 https://twitter.com/mjs_DC/status/1403007925862469635 So yeah, it’s not what we thought it was thankfully.
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Jun 10, 2021 17:56
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A GIANT PARSNIP posted:Also a house seems like a dumb investment because it requires supervision and maintenance to ensure it doesn’t drop in value and it also deals with a whole new annual tax system that other assets avoid. It depends where you live. In a lot of urban metro areas that are deemed desirable for various reasons you will find that even a crack shack will be worth millions. For the US I think scenarios like that are contained within major metropolitan zones like the Bay Area and NYC. For the longest time I have heard stories about how much cheaper it is to live in Texas, North Carolina, Kentucky etc but I guess now people from rich coastal cities can go there and work remotely for 150k so the pricing is skyrocketing. In Canada, real estate in major cities was rising at insane rates. My partner owns a house and her value shot from 160k into the high 300s in 2-3 years. My parent's townhouse which they barely could afford was worth 125k in 1999 and is now worth more than a million. That increase is annualized at roughly 40,000 per year. Think about that for a second. you'd have to set aside 40,000 per year of savings just to keep up with the price increases! It's no wonder people have basically grabbed the biggest mortgage they could find and open palm slammed the offers. Once you lock in your liability, your price basically gains infinite value. The bears of the market got it totally wrong.
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Jun 10, 2021 17:57
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A GIANT PARSNIP posted:Also a house seems like a dumb investment because it requires supervision and maintenance to ensure it doesn’t drop in value and it also deals with a whole new annual tax system that other assets avoid. right, which is why these big funds aren't going to turn into landlords like some fear. there are landlord companies out there but the return is not what these big funds are looking for. the big profit in real estate comes from speculation and development, not holding existing property if you've got money just sitting around though and you think you can get a decent return from flipping the house, that's a different story
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Jun 10, 2021 17:59
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In my little neighborhood in SoCal, for decades the homes have been purchased by foreign investors and left to sit empty. We live in a predominantly Chinese area, and whole sections of our area were ghost-towns. It's tied to the same program as written about here: https://www.latimes.com/local/la-me-0830-chinese-visas-20140830-story.html It's gotten a little better these past few years, with caretakers coming in and taking care of properties. And now these same homes are selling for double what they were a few years ago. The LA housing market is nuts, teardowns go for a million just based on location! https://www.redfin.com/CA/Los-Angeles/2968-Sunnynook-Dr-90039/home/7064812 https://www.redfin.com/CA/Los-Angeles/2749-Tilden-Ave-90064/home/6750743 Good luck out there, y'all!
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Jun 10, 2021 17:59
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evilweasel posted:
Don't forget the one trillion dollar tax cuts when the economy was "good."
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Jun 10, 2021 18:03
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VorpalBunny posted:In my little neighborhood in SoCal, for decades the homes have been purchased by foreign investors and left to sit empty. We live in a predominantly Chinese area, and whole sections of our area were ghost-towns.
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Jun 10, 2021 18:06
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New York changed the law so you can't buy real estate with anonymous holding corporations any more and that cut down on shady foreign investment a lot, that should probably go nationwide
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Jun 10, 2021 18:07
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MSB3000 posted:There's no amount of money that a corporation or the ultra-rich can't afford. Fees and fines only apply to the "poor" (all of us). Unless you make it a truly absurd amount, like billions, but good luck getting that passed. A wealth tax isn't a fine though? The whole point is that people with little wealth pay little tax (or none if you set the tax brackets that way). The propublica article is about super rich people not paying their fair share, not about people who make 500k a year paying too much.
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Jun 10, 2021 18:14
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Dapper_Swindler posted:In other news. https://mobile.twitter.com/mjs_DC/status/1403003065582510081 https://twitter.com/mjs_DC/status/1403004784811012103 https://twitter.com/mjs_DC/status/1403007925862469635 So yeah, it’s not what we thought it was thankfully. https://www.governing.com/archive/gov-attorney-general-refusal-defend-state-laws.html Do the principles stated there with regards to governments defending a law hold if it is a federal law, too?
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Jun 10, 2021 18:18
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