| "I don’t think it would actually be feasible to implement, but I wish something like it existed." It's feasible (in some contexts), and has been implemented in Wales in recent years [0] (though not exponential, there's nothing stopping it from progressing that way). There used to be reduced taxes on second homes, recently changed to 100%, and now changing to max 300% (set by councils). They've also closed a number of loopholes to stop owners passing these homes off as dysfunctional businesses (listed to let without taking any lettings). There's a large disparity in wealth over a relatively short physical distance, resulting in a large number of homes in "idyllic" but poor areas being bought as second homes and spending the majority of the year empty. They've also moved to a land transaction tax that makes the second home purchase more expensive [1]. I'm not saying they are pulling the ladder up, and good to see these initiatives being put in place, but they don't necessarily solve the issue with existing vacant second houses which most likely have benefited from the lax taxation over the years combined with increasing property values. 0: https://gov.wales/new-tax-rules-second-homes 1: https://gov.wales/land-transaction-tax-guide |