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Boston, MA @lemmy.world

borebore @lemmy.world

1y ago

Mass. Senate takes up effort to prevent home equity theft

Mass. Senate takes up effort to prevent home equity theft

6 comments

Hey, I got an even better idea:
tax rates double for “investment properties” being rented out / not lived in by the owner. This can be ramped in somewhat gradually, but there won’t be any perpetual grandfathering of exceptions.
corporate entities are not allowed to own residential properties. Banks can own residences transactionally in the event of a foreclosure, but any sales must be to a private party, with preference given to buyers who will actually live in the property.
- Can’t we be happy they did a thing? Instead of bringing up a different thing?
  FYI - to some extent ….. in Massachusetts I pay a certain tax rate times the assessed value of my house MINUS an exemption for it being my primary home. So, yes, people buying a house in Massachusetts to live in do pay less taxes than people buying an investment property.
  That exemption was always too small, and it’s a fixed amount, so the percentage has gotten smaller every year. But it does exist
  
  That’s great and all, but you’re talking from the perspective of someone who owns a house. I’m talking about changing policy to help people who are effectively locked out of buying a house due to hypercapitalism and caustic corporate investment strategies.
- my area does have a significant discount if you reside in the property so that is something. Not sure how common that is.

6 comments