It seems like we should tax non economic wealth hoarding more not less. We have a glut of elderly people occupying houses that are far too large for their current needs while young families can’t afford larger homes. People forget that part of what property tax exist is to encourage dormant assets to trade hands from Low economic use to higher economic use. If some isn’t using a property to its highest and best use because there are no carrying costs then they will just hoard it and have no incentive to sell it to someone that could use it more productively.
It would make a lot more sense to increase the carrying costs of homes so that people are inclined to sell them when they no longer need a particular configuration.
It would make a lot more sense to increase the carrying costs of homes so that people are inclined to sell them when they no longer need a particular configuration.