[bsder]

> And said taxes would trigger high cashflow costs, which would just force companies into bankruptcy ASAP.

And that's fine.

Those who didn't stick their necks out should be able to buy the distressed assets at discount and force the financing agreements to unwind. Real estate doesn't go away. People still want houses. Businesses making products don't go away. Places to work--maybe not so much.

Unless you allow bad businesses to go bankrupt, you'll wind up like China.

Vacancy taxes force that decision much sooner--before everything goes belly up at scale. The landlord has to decide to rent lower or sell the property.

[lazide]

These generally aren't SFHs - they are large apartment complexes owned by REITs and similar entities.

Entities which are held by retirement funds and 'mom and pop investors'.

Which no normal individual is going to be able to buy.

And when this happens, will result in massive layoffs of normal individuals.

And this is caused by feds raising rates - directly.

Remember '08? Remember who got screwed the most? It wasn't typically the rich.