this post was submitted on 31 Mar 2025
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Sure, nice idea. I supported it back in 2008 or so.
But it will never get passed in any functioning democracy.
So better to figure out schemes that most people will actually support.
It will absolutely get passed, it just needs to sit on the back burner until home ownership rates drop to probably around 40-45% rather than the 65% we have now. Non-home owning voters need to outnumber home owning voters, with a bit extra to deal with cultural inertia.
Small adjustments will just keep the pain going for longer, but eventually enough people will get upset enough to flip the table.
“Let’s wipe out the vast amount of wealth for the majority of the country” is unlikely to play well basically ever.
“Grandma and Grandpa need to take a $300k wealth cut so that we can force them out of the neighborhood they’ve lived in for 30 years because it’s not the optimal use of that land” is going to always go over like a wet fart. You’re coming across like a technocrat here rather than a feeling human being.
Grandma and grandpa did absolutely nothing to earn that money. They paid $50k for that property and house. Why does society owe them $700k for their retirement because of that?
You're right that it's unlikely to go over well, but that's because people are greedy and don't care about the harm it's causing the next generation.
My wife and I have made about as much as a full additional third income in equity appreciation over the last 15 years by simply living in a house. We did nothing to earn it. I'd trade it in an instant for the house prices to go back to what they were 15 years ago.
That money has to come from someone, it's a giant pyramid scheme that should never have existed in the first place. Our kids are absolutely fucked, they will never be able to afford a reasonable home because we have treated homes as investments and by default investments need to appreciate faster than inflation.