• Hildegarde@lemmy.world
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    1 year ago

    50% vacancy tax. Any property that is vacant for more than 50% of the year would require the owner to pay 50% of the assessed value, unless they can prove there is zero demand for the property at any price.

    Would solve the problem very quickly. It’s a fair, equitable, market driven solution to the problem of real estate vacancies. But governments are much more concerned with maintaining the illusion of value, than effective land use.

          • w3dd1e@lemm.ee
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            1 year ago

            I work in commercial loans for a living. I can’t speak to other properties that aren’t securitized, but they can’t exactly just take your property without approval. there are exceptions to the rule but it would still require a lengthy and pricey legal process.

      • Hildegarde@lemmy.world
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        1 year ago

        Eminent domain requires the government to compensate the land owner with the “fair market value” for taking their land. As the “fair market value” is so overinflated that no one can afford to rent the space, taking vacant properties through eminent domain is not a solution.