In Rhode Island, there is not one town or city in which the median income can afford to buy the median house. The problem is that governments want high house prices so they can collect taxes based on real estate values. We need to scrap the property tax, or at least make it a minor part of funding out governments, and tax income and wealth.
As long as real estate development and churning is the engine of government funding, we are all screwed and the economic development we get will lead to greater inequality.
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In Rhode Island, there is not one town or city in which the median income can afford to buy the median house. The problem is that governments want high house prices so they can collect taxes based on real estate values. We need to scrap the property tax, or at least make it a minor part of funding out governments, and tax income and wealth.
As long as real estate development and churning is the engine of government funding, we are all screwed and the economic development we get will lead to greater inequality.
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