Experts estimate that, at current construction rates, it will take over seven years to resolve the ongoing housing crisis. That’s seven years too long for many hopeful homebuyers and renters fed up with high housing costs.
When crises like this occur, it’s common to look for a savior—whether it’s the YIMBY movement championing zoning law changes, downpayment assistance programs helping first-time homebuyers, or even developers leading the charge to build new homes.
But the hero we need is one that few are looking to: property tax reform.
“Right now, the way we’re leveraging our taxes punishes development,” explains Greg Miller, executive eirector of the Center for Land Economics. Miller is among those championing the land value tax (LVT) as a potential game changer for solving the housing shortage.
Read the rest here: https://www.realtor.com/advice/finance/land-value-tax-solve-housing-shortage