Re:A cautionary tale from the streets of San Francisco
by ZeroGravitas on Sunday October 24, 2021 @07:21AM
(#28976864)
Once you recognize this problem, it can be solved by grandfathering people in, basically paying off the people who used to benefit so that the rules can be changed to be fairer in the future.
This feels a bit icky but is a recurring pattern. For example, when slaves were emancipated the previous owners were often compensated, because if not they would politically block it happening.
I feel it's going to get to a crunch in some places before people do anything about it but various places will start adopting variants of this to deflate the bubble.
Basically passing some of the land value tax onto the lucky current property owners as an annuity, and allowing them to move somewhere cheaper and decouple safely from the local property market.
Probably needs enough of a threat that they'll just be forced to pay the full tax before they'll cave though, so it's just politics at that point. Who has more power and/or propaganda will decide the outcome.
This feels a bit icky but is a recurring pattern. For example, when slaves were emancipated the previous owners were often compensated, because if not they would politically block it happening.
I feel it's going to get to a crunch in some places before people do anything about it but various places will start adopting variants of this to deflate the bubble.
Basically passing some of the land value tax onto the lucky current property owners as an annuity, and allowing them to move somewhere cheaper and decouple safely from the local property market.
Probably needs enough of a threat that they'll just be forced to pay the full tax before they'll cave though, so it's just politics at that point. Who has more power and/or propaganda will decide the outcome.