I’m a bit torn on ideas like this. I’ve rented a beach house before and it’s a great experience for the family. Some people might love to live in a beach house but I think it’s a difficult prospect if you consider property taxes, upkeep, insurance, semi-remote living. So if it’s extremely expensive to own a beach house (as a 2nd home) that means only rich ppl will own them or they could be more of a burden than a blessing to whoever has one as a primary residence.
I would either want some exception exceptions for location (i.e. more tourist than residential areas) or for occupancy (i.e. tax rates are much higher if it’s unoccupied more than 15% of the year).
Ill argue that the whole purpose of this tax structure is get houses into the available pool of property for regular folks to buy. Think of the needs of the many vs a 2 week vacation for you which you could still take in a hotel or a company that does vacation rentals somehow.
It kind of felt that way for me, at first, but then I thought about the types of houses that fit the bill: secondary residences in NYC. I can’t imagine that those houses are going to be affordable to the “regular folks” that need them, even if they go on the market.
I think it’s more a “you clearly have enough money to burn, so more taxes aren’t going to impact your lifestyle” thing than opening up these properties to buy. (Which works for me.)
I’m a bit torn on ideas like this. I’ve rented a beach house before and it’s a great experience for the family. Some people might love to live in a beach house but I think it’s a difficult prospect if you consider property taxes, upkeep, insurance, semi-remote living. So if it’s extremely expensive to own a beach house (as a 2nd home) that means only rich ppl will own them or they could be more of a burden than a blessing to whoever has one as a primary residence.
I would either want some exception exceptions for location (i.e. more tourist than residential areas) or for occupancy (i.e. tax rates are much higher if it’s unoccupied more than 15% of the year).
Feel free to change my mind.
It’s only expensive because of demand. Beach houses used to be cheap.
That being said, a couple living together could own one home each.
Or someone living in an apartment could own a beach house.
Ill argue that the whole purpose of this tax structure is get houses into the available pool of property for regular folks to buy. Think of the needs of the many vs a 2 week vacation for you which you could still take in a hotel or a company that does vacation rentals somehow.
It kind of felt that way for me, at first, but then I thought about the types of houses that fit the bill: secondary residences in NYC. I can’t imagine that those houses are going to be affordable to the “regular folks” that need them, even if they go on the market.
I think it’s more a “you clearly have enough money to burn, so more taxes aren’t going to impact your lifestyle” thing than opening up these properties to buy. (Which works for me.)