A Plan To Tax ‘Hoarders Of Homes’ In San Francisco?

by: http://www.socketsite.com/archives/2014/12/plan-tax-absentee-buyers-home...

Arguing that “when wealthy people who don’t actually live here buy up San Francisco residential properties, housing prices skyrocket beyond the reach of [everyday] residents,” San Francisco Supervisor Eric Mar has begun working on potential legislation to discourage nonresidents from buying or owning property in the city, perhaps by way of a new “pied-à-terre tax.”

A pied-à-terre tax “would address a very real problem that arises when a significant number of homes are bought by wealthy out-of-towners for the simple purpose of a place to stay on occasion, as an investment, or as a hedge against market swings,” according to Mar.

And next week, Supervisor Mar is slated to formally ask Mayor Ed Lee for his explicit support in helping to address “the issue of residential real estate hoarding by out of town buyers” and preventing “zombie neighborhoods,” with “beautiful new luxury units but no residents,” from forming in San Francisco.