It’s a crisis that there are no SFHs in commuting distance to jobs with good schools

[Anonymous]

Anonymous wrote:

Anonymous wrote:What is your proposed solution?

DP
Tax second and third and fourth homes out the wazoo.
Higher Tax on investment properties
Restrict the amount of money non-citizens can spend on real estate.
Restrict corporate ownership of SFH
Restrict foreign countries from owning property in the US
Better enforcement of money laundering in real estate

I’m sure there are more.

Ah so, something like communism.

[Anonymous]

Anonymous wrote:Uh, living in a SFH with good public schools in a Tier 1 city is a luxury good. What's so hard to understand about that? Heck, owning in a SFH in a Tier 1 city is a luxury good in most areas.

This. Its a problem everywhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your proposed solution?

DP
Tax second and third and fourth homes out the wazoo.
Higher Tax on investment properties
Restrict the amount of money non-citizens can spend on real estate.
Restrict corporate ownership of SFH
Restrict foreign countries from owning property in the US
Better enforcement of money laundering in real estate

I’m sure there are more.

Ah so, something like communism.

Nope. Communism is the govt owning the means of production, natural resources and factories. Tax policy disincentivizing investors and especially foreign buying property over residents is not communism. Half of London is owned by russian oligarchs, the Brits stent too happy aboutbit now. Chinese investors own so much of the west coast properties here too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your proposed solution?

DP
Tax second and third and fourth homes out the wazoo.
Higher Tax on investment properties
Restrict the amount of money non-citizens can spend on real estate.
Restrict corporate ownership of SFH
Restrict foreign countries from owning property in the US
Better enforcement of money laundering in real estate

I’m sure there are more.

Ah so, something like communism.

*shrug* Free market

Nope. Communism is the govt owning the means of production, natural resources and factories. Tax policy disincentivizing investors and especially foreign buying property over residents is not communism. Half of London is owned by russian oligarchs, the Brits stent too happy aboutbit now. Chinese investors own so much of the west coast properties here too.

[Anonymous]

There are less pricey homes that feed into schools that are good for middle class families, but people see the low GS score and think it’s beneath them. We live in a diverse suburb within walking and biking distance to stores, restaurants, and a cute downtown. We have schools that are 9/10 for non low income families, but 1/10 for low income families. DCUM always acts like it must be hellish to live here, but it’s actually quite lovely. There are plenty of jobs close by and no commute to DC needed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Uh, living in a SFH with good public schools in a Tier 1 city is a luxury good. What's so hard to understand about that? Heck, owning in a SFH in a Tier 1 city is a luxury good in most areas.

This. Its a problem everywhere.

Why is this problem? What right does someone have to live in a walk up on the upper east side? Or a SFH in Beverly Hills? Or a SFH in Palo Alto or San Francisco? Or a SFH or equivalent in London or Paris? The sense of entitlement here is pretty amazing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your proposed solution?

DP
Tax second and third and fourth homes out the wazoo.
Higher Tax on investment properties
Restrict the amount of money non-citizens can spend on real estate.
Restrict corporate ownership of SFH
Restrict foreign countries from owning property in the US
Better enforcement of money laundering in real estate

I’m sure there are more.

No one is buying second or third homes in DC for investment. You can't turn a profit on it.

Oh yes they are. You think all those 20,000 sq foot mansions in McLean and Potomac are the only house for that Arab family? It’s just one of their American estates.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your proposed solution?

DP
Tax second and third and fourth homes out the wazoo.
Higher Tax on investment properties
Restrict the amount of money non-citizens can spend on real estate.
Restrict corporate ownership of SFH
Restrict foreign countries from owning property in the US
Better enforcement of money laundering in real estate

I’m sure there are more.

Ah so, something like communism.

You have no idea what that word means.

[Anonymous]

Anonymous wrote:There are less pricey homes that feed into schools that are good for middle class families, but people see the low GS score and think it’s beneath them. We live in a diverse suburb within walking and biking distance to stores, restaurants, and a cute downtown. We have schools that are 9/10 for non low income families, but 1/10 for low income families. DCUM always acts like it must be hellish to live here, but it’s actually quite lovely. There are plenty of jobs close by and no commute to DC needed.

This.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m from a small city that people on DCum sometimes list as someplace with lower COL. but the truth is that the dominant school system is terrible—worse than what any of the people around here consider a bad school. There’s a better school district that lies on the edge of the city but the housing costs in that district aren’t really lower than here. And the traffic is always awful because of tons of sprawl and the fact that public transportation is non existent. I thought about moving back, looked at the options and decided the DMV is a better deal than it may initially appear.

Is this in Pa by chance?

This has to be Pittsburgh.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your proposed solution?

DP
Tax second and third and fourth homes out the wazoo.
Higher Tax on investment properties
Restrict the amount of money non-citizens can spend on real estate.
Restrict corporate ownership of SFH
Restrict foreign countries from owning property in the US
Better enforcement of money laundering in real estate

I’m sure there are more.

No one is buying second or third homes in DC for investment. You can't turn a profit on it.

A lot of the homes in Potomac also snow bird homes.

The tax law encourages older couplers to live in very large homes instead of downsizing. . I live in Potomac. My neighbor around 80 has a home worth 1.7 million he bought in 1974 for $150,0000. if he sells he owes a board load of capital gains taxes. Only 500k plus improvements is basis. I have been in home he bought brand new in 1975 and has kept up on updates but no real capital improvements. So even with 500k exemption, 150K purchase price and maybe 150K worth of update receipts he would own tax on a 900K gain.

If he downsizwed on top of tax on 900K gain be 90K realtor commission, maybe 50K closing, minor repairs and moving costs then another 30K to close on new place. So we are talking another 170K.

So it makes sense for an 80 year old couple to live in a six bedroom, five bath 6,200 sf house til they die. They moved their master bedroom suirte to main level. They dont even go upstairs or downstirs much.

If only the IRS and Relators allowed House swapping. Lets say a younger couple with kids and a smaller 800k home could magically swap house with them for no fee. They just exchange titles and IRS did not charge cap gains that older couple would move in a second.

I am 61 in similar issue. By time last one is completely out of college and moved out I will be 67. My three kids untill married, xmas, Easter, graduation parties, bridal showers, engagement parties, big birthdays all take place at my house. They are single in small places. Now what at 70 I am expected to pack up a huge house, pay massive costs when I could just leave it to kids in estate. My wife said absolutely no. And she does not even like this house much. She rather buy a two bedroom condo elsewhere and keep home and use that as a second home. Selling homes should be cheaper and folks over 75 should be able to sell tax free.


Oh yes they are. You think all those 20,000 sq foot mansions in McLean and Potomac are the only house for that Arab family? It’s just one of their American estates.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are less pricey homes that feed into schools that are good for middle class families, but people see the low GS score and think it’s beneath them. We live in a diverse suburb within walking and biking distance to stores, restaurants, and a cute downtown. We have schools that are 9/10 for non low income families, but 1/10 for low income families. DCUM always acts like it must be hellish to live here, but it’s actually quite lovely. There are plenty of jobs close by and no commute to DC needed.

This.

Exactly this. We live in Rockville. We bought last summer with a reasonable mortgage way below our max price and love our neighborhood. Our kid can walk to elementary and middle school crossing only one neighborhood street. I'm sure the original poster wouldn't be caught dead in our 8/5/4 pyramid, but she has two parents with professional degrees, she'll be fine.

[Anonymous]

Anonymous wrote:OP has to be a troll. No real person can be this melodramatic.

Sounds like the nonprofit worker who was the subject of the WaPo's Arlington Missing Middle article. She was ridiculous.

[Anonymous]

Whoever keeps starting these whiny threads is making more and more opposed to whatever policy solutions they want me to vote for. I commute from Anne Arundel. You can too.

[Anonymous]

It’s not a crisis. Most people in the world don’t live in SFHs.