Re:Low interest rates in advanced countries have pushed mone...
by kazinator on Wednesday November 24, 2021 @10:44PM
(#29338039)
> it incentivizes investors to form multiple legal entities to own multiple properties
How it could work is that a residential property must be registered to an individual's social insurance number, not to a corporation.
So then they will have to start inventing people if they want to shelter their activities.
These people can be audited. How did you get the title to this property? From whom? Where is the mortgage in your name? How come you're not actually paying the mortgage? Etc.
You can't hide the fact that you didn't buy that property from the tax man.
Re:Low interest rates in advanced countries have pushed mone...
by atweiden on Wednesday November 24, 2021 @11:14PM
(#29338162)
How would property development work? How are the much needed and widely adored characterful European style duplexes and lowrises in city centers going to get built if one person can only own one property?
Re:Low interest rates in advanced countries have pushed mone...
by ClumsyPilot on Thursday November 25, 2021 @06:39AM
(#29340477)
I don't see why you are conflating construction industry that builds and sells houses with the rental industry that builds nothing.
In you can get business visa in you invest X amount into a company, it can be in construction but not a property, house-flipping or rentals
You mean, what’s the fallout of banning anyone or any business regardless of the circumstances from owning more than one property?
Starting with the obvious one, it incentivizes investors to form multiple legal entities to own multiple properties — thereby entirely defeating the proposed regulations. This is already how it works today amongst informed property investors (though for reasons of legal liability, privacy and wealth protection rather than skirting regulations).
But assuming you could close this (realistically impossible to close) loophole... I’m guessing people in this hypothetical fantasy would prefer buying huge tracts of land, and building ADUs? Rentals would likely become a lot more scarce. Maybe corruption would rise due to the general ridiculousness of the proposed regs. Dunno. What do you think?