[ryanianian]

Not without pretty severe fallout for those on the other side of the equation. That same tax would force long-time homeowners and retirees out of their houses as soon as the neighbors start selling to build condos. Maybe this isn't a terrible thing if it leads to more density, but the profit still goes to the developer.

[Robotbeat]

On the contrary, in your scenario, the profit goes to the retirees whose land is now super valuable. That they can’t afford to pay the wealth tax on that land without selling/mortgaging some of it doesn’t mean they’re not now very wealthy. A mortgage or a reverse mortgage would allow them to live the rest of their lives there if they really wanted to. But they’d have to pay their fair share of the tax on that wealth.

[dntrkv]

You could waive fees for primary residences and tax the hell out of investment properties. I don't understand why prop 13 in California didn't work this way.

[reducesuffering]

Californians couldn't even majority vote last year to tax commercial properties at standard 1-1.5% rate, let alone investment properties...

https://ballotpedia.org/California_Proposition_15,_Tax_on_Co...

[kwere]

society still benefit from it