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?
That’s not a bad point. Many options exist to offload property though, including bulldozing a mansion on 10acres that no one is buying and turning it into a housing sub division
Good point! Yes, larger estates could be sold to be used for housing multiple people or indeed for building new housing. Thank you