[ramphastidae]

> There are only so many houses a rich person can occupy.

Do you really think that’s a factor? That the wealthy say “My family has all bedrooms they need, so I’m done investing in real estate?” PE firms buy up entire communities and repackage their mortgages into investment products. Foreign investors will buy property regardless of location and never step foot in it if it’s in a more stable country than theirs. Real estate investing is not about finding a place to live for the wealthy.

[Robotbeat]

Then we should have a substantial land value tax. If they want to park their wealth in unoccupied housing, they’ll have to pay dearly for it. And they won’t get a cheaper bill by leaving it unbuilt or unoccupied.