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Landlords should have to pay income tax on their rental properties regardless of whether they're rented out or not. (gothamist.com)
submitted 3 years ago by to c/economics@lemmy.ml
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Why? Because apparently they need some more incentive to keep units occupied. Also, even though a property might be vacant, there's still imputed rental income there. Its owner is just receiving it in the form of enjoying the unit for himself instead of receiving an actual rent check from a tenant. That imputed rent ought to be taxed like any other income.

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[–] 39 points 3 years ago (1 child)

There are so many empty business spaces in my town because landlords can just sit on them -- and potentially rake in tax credits -- even though no one wants to rent at their rates.

Needs to stop.

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  • [–] 13 points 3 years ago (1 child)

    That's why San Francisco implemented a vacant storefront tax.

    But getting commercial landlords to comply has been a struggle.

    https://therealdeal.com/sanfrancisco/2023/06/01/few-retailers-respond-to-sfs-new-vacancy-tax-as-only-2-6-pay-up/

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  • [–] 2 points 3 years ago (3 children)

    I was just in SF a month ago for the Dead & Co shows, and it really is astonishing how empty a lot of storefronts are, especially where we were staying up near North Beach/FW. Also too, the lack of late night food; in all the years I've been going to SF, you could always count on a noodle bar in Chinatown at 12-1a to be open, but not anymore. Not really anything except fast food. COVID wrecked that town. I've also never seen so few homeless people walking around, but I didn't head over to Oakland.

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  • [–] 3 points 3 years ago (1 child)

    they could repurpose those buildings (difficult but possible) to dwellings, which would revitalize the downtown businesses - but no, they'll hold out desperately for a return to office that, if it was going to happen, would have happened already.

    Meanwhile, there ain't enough housing. Everyone pays more and the core rots.

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