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1 comment:
I think it's time for drastic measures. Cities need to take over luxury apartments that were built for and mostly bought by people to "invest" and hide money in real estate. How many of these units are owned by dodgy overseas shell companies or foreign oligarchs, while other units in these buildings sit unsold. These kinds of apartments are frequently bought as part of money laundering schemes. Like trump tower units.
Cities need to figure out which of those luxury units are uninhabited investments or unsold, and tax the hell out of those units. Leave the units that are people's homes alone. Then cities offer lower taxes to owners of the uninhabited units, if they rent out the units at affordable prices to real renters. Or cities should commandeer these units for the duration of this crisis. I am suggesting these steps to use these units to house unsheltered people, too get them off the streets in this pandemic.
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