Vacancy Taxes: Pros and Cons

first_img July 24, 2019 3,905 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Vacancy Taxes: Pros and Cons Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: New Bill Encourages Homeownership Counseling Next: Title Companies Announce Merger Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.  Print This Post Abandoned Blight taxes Vacant 2019-07-24 Seth Welborn Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days agocenter_img About Author: Seth Welborn To combat affordability issues, some California cities are considering an “empty homes penalty,” also known as a vacancy tax. Voters in Oakland, California recently approved Measure W, a tax of as much as $6,000 per parcel and $3,000 per condo unit on properties occupied fewer than 50 days per year. The tax is expected to bring in around $10 million per year, which is intended to go toward homeless services and new affordable housing, Capital and Main reports. Additionally, San Francisco Supervisor Aaron Peskin wants to put a vacancy tax on the March 2020 election ballot, with a focus on empty storefront. Meanwhile, vacancy tax pushes in Los Angeles focus more on residential properties. Proponents of these vacancy taxes say that they will improve access to affordable housing by keeping speculators from sitting on them until they can rent them for a higher rate, or sell them at a greater profit when prices inevitably increase. Opponents say that the key to affordable housing isn’t taxes, but the revising of zoning to build more housing. According to the U.S. Census Bureau, national vacancy rates in the first quarter 2019 were 7.0% for rental housing and 1.4% for homeowner housing, and the homeownership rate of 64.2% was virtually unchanged from the rate in the first quarter 2018, but 0.6% points lower than the rate in the fourth quarter 2018. The homeownership rate was unchanged at 64.2%.The homeowner vacancy rates outside MSAs (1.6%) was higher than the rate in the suburbs (1.3%), but not statistically different from the rate in principal cities (1.4%). The rates in principal cities and in the suburbs were not statistically different from each other. The homeowner vacancy rate in principal cities was lower than the first quarter 2018 rate, while rates in the suburbs and outside MSAs were not statistically different from the first quarter 2018 rates. The Best Markets For Residential Property Investors 2 days ago Tagged with: Abandoned Blight taxes Vacant Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured Vacancy Taxes: Pros and Cons Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Subscribelast_img read more

San Juan kicks off MPBL bid with rout of Pampanga

first_imgANGELES CITY, Pampanga—San Juan-Go For Gold brandished its depth and firepower here to overwhelm Pampanga, 93-70, on Wednesday to kick off its Maharlika Pilipinas Basketball League (MPBL) Datu Cup campaign.Parañaque-F2 Logistics also barged into the win column after a 76-73 conquest of Valenzuela-Idol Cheesedog earlier.ADVERTISEMENT Cloudy skies over Luzon due to amihan Jury of 7 men, 5 women selected for Harvey Weinstein rape trial Sports Related Videospowered by AdSparcRead Next MOST READ View comments LATEST STORIES Volcano watch: Island fissures steaming, lake water receding Bicol riders extend help to Taal evacuees Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anewcenter_img In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Taal victims get help from Kalayaan town Jiro Manio arrested for stabbing man in Marikina FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crown Don’t miss out on the latest news and information. Guessing game on LeBron James at its peak Christopher Tolkien, son of Lord of the Rings author, dies aged 95 Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player awardlast_img read more