The reinforcing wheel of affordability
I know that there is a lot of talk of eliminating property tax. It is presented as a morality issue. But the truth is that it is a specualtors greatest gift.
By reducing the debt to income ratio land specualtors can outbid locals and hyper inflate the market with no downside to hold/restricting housing.
This has been studied for 50 years and is called tax capitalization.
For every dollar eliminated in property tax the upfront sticker price goes up.
But now you pay the same and that money does not stay in the community. It gets asorbed by big banks and speculators like Vivek and his friends.
They are salivating at the prospect of cracking this buckeye. And they use morality to pull at your emotions. Then they will pull at your purse strings.