Tiger Beer
Joined: 07 Feb 2003
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 Posted: Tue Mar 28, 2006 5:01 am Post subject: Legislators in Honolulu are targeting real estate speculator |
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I saw this on another forum - craigslist..
http://forums.craigslist.org/?SQ=ho...hAID=&forumID=6
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| ( February 14, 2006) -- Legislators in Honolulu are targeting real estate speculators with a bill that would require people who sell a property within two years of buying it to pay additional taxes on the sale. The bill is aimed at discouraging flipping, which lawmakers say is to blame for rapidly escalating housing prices on the islands. The median sales price for a single-family house in Maui rose 18 percent in 2005 to $725,000 from $594,500. The bill under consideration would multiply the rate of the conveyance tax — the tax paid to the state on any real estate sale — based on how many times that property had been sold over the previous two years. The seller would pay the tax increase. "I don't think we can ever curtail it,�� says State Rep. Jerry Chang. ��But I think it's an opportunity for us to capitalize on people who do this.�� The additional revenue would be used to for homeless programs. As someone interested and doing for the first time, buying, fixing and selling, and also buying if I come across a great deal, I object to this. I don't think flippers drive prices up, demand drives prices up. If prices did not go up flippers would not flip. I know some of you think that flippers get caught and deserve what they get, but do you really blame them for prices rising? Also, is keeping prices low a good idea? As a homeowner, I want my prices to go through the roof. Why should I worry about afordabliity once I buy? Do they worry about stock getting too expensive for people to afford? Should they impose a tax on those who buy and sell stock too soon? |
Love the idea though.. I think thats half of the problem with this entire housing bubble thing.. every ad in desireable cities talk about 'investment opportunities'.. something like this would really put a stop to speculators jacking up the price to unaffordable levels. |
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