Alright, Tax Wealth, Not Work (TWNW). Let’s say the wealth tax got implemented at 2% on wealth over 10 million. I’m unclear on whether it would increase single home ownership and reduce the number of available rentals and thus make it even more difficult to find living space. Or would the tax revenues from it allow for the construction of more community housing?
Is my logic it would reduce the number of homes available for rent. More people would be able to own. Because more homes in the market would be available. But people would be buying them to live in them. We literally can’t build homes fast enough. Every time there’s a downturn in the market building of homes slows down. And that puts us even further behind.
My concern was that not everybody can afford to buy a house, but back in the day people on a receptionist income could buy a house, so if we go back to those days, house ownership would rise again. And as others made me realise, the stuff standing empty for investment would be sold to be used again and outsized homes could be sold to be repurposed as social housing or jousing outright.