To think people who own more than 3 properties should have a special tax applied to them?

[Calltheguards]

I'm just thinking with the housing crisis, should people really own more than 3 properties? I would assume it's a property portfolio and used to exploit renters. AIBU to think there should be a special tax applied to property owners who own more than 3 properties? Maybe tax them at a really high rate to discourage people from hoarding property.

@Calltheguards try looking up the word goady.....

< Offers popcorn round and shifts up on the bench>

Thick and dishonest you say? Sigh.

You turned it into this OP!
If you want to talk about argument ad hominem, let me AGAIN remind you you called people parasites. Instead of having a nirmal adult discussion

he decided to reduce his portfolio and attempted to sell quite a bit of property. 1 sold. Viewings were far and few between. This is not because they were overpriced but because he rents to low income individuals/families and people that would want to live in the properties cannot afford to get on the housing ladder and those who could afford it don’t want to live in the areas he owns in
in other words they are overpriced, although the term in this instance can be seen as an oversimplification
they cost more than the market can bear, the market is shaped by various factors one of which is that the barriers to entry are too high for those at the cheaper end of the market...although they could afford to pay a mortgage the deposit required by the bank is unattainable for most in that sector of the market.
The market needs to be better regulated by the govt, that is it's job - to legislate for the good of society as a whole. In the current housing market there are too many perverse incentives.

@calltheguards You don't seem to be engaging with anyone at all. Please indulge me, I've really had quite an enjoyable afternoon.

Op, your idea is batshit. Or as per the dictionary definition completely mad or crazy.

It's fuck all to do with mentally ill peiole and you need to stop posting that. It's horrible.

Just waiting for deletion message now🍿🥤

Hi all

Can we have a bit of peace and love please?

Not sure that's going to cut it really Lilly,,,

when all the private landlords sell their properties and their are no private rentals left...where will everyone earning too much for housing benefit / social housing live??? Do you think every single person who doesnt own their home (lots don't want to own) should be given social housing by the government?

This is something which is asked again and again and I've yet to see a practical answer

Interesting points, too, on choice around spending one's own money and under occupiers being encouraged to downsize. Inconveniently, both of these will also apply to some on lower incomes or living in HA/LA property ... but try mentioning the above issues in this context and watch the sky fall

Op, you caused this yourself. If you didn't want to engage with people who dont agree with your ridiculous ideas then dont post on an internet explorer. You are being rude, abusive and offensive to people. I suggest you stop engaging unless you plan to talk some sense.

Reads to me like you’ve finally copped on to the gaping holes in your master plan and instead of holding your hands up to it, you’re now claiming to have been abused on the thread. 🙄🙄

There is a special tax. You pay lots of stamp duty.

@IvanaPee

Nope.

I know I've been attacked and I assume it's because people want this thread deleted. I'm not taking the bait so I've chosen not to engage with them.

Anyways, it's a tax. There are other tax ideas out there like a land value tax but either way eventually something will have to be done because the housing crisis is unsustainable. I don't want my grandchildren to grow up under a feudal system, so I hope there is a shift in the other direction. If there can be measures taken to acquire social housing and free up property then I believe that could be a step in the right direction.

Interesting thread!

We currently own two properties, one is rented out,
One we live in and I have the profit invested elsewhere from the sale of my last property ready to invest just as soon as I've added to the pot in two years.

I bought my first property 20 years ago and got to work on it straightaway. Ripped out kitchens, renovated bathrooms, mostly helped by local tradespeople (so there's local enterprise support right there) and I sold my first one at a profit.

Property number 2. Overpaid on my mortgage due to being a higher level income earner but whilst paying more tax than the average person for the privilege. Spent another few years renovating, mostly using my weekends this time whilst working extremely hard at a job I love. 5 years of very hard graft at home and work paid off when I sold this one at a profit as well.

Since my pension started late, the profit from both houses now waits for what will be property number 3 for us. In the meantime I have a long commute which will end as soon as I can overpay sufficiently on house number 1, that will help the environment considerably.

The house we currently rent has a combi boiler, new furnishings and will be getting better insulation as soon as this current set of tenants move out.

I'm not sure why I should be paying more tax on what has been a strategic decision to work incredibly hard to get to this position then get out before I burn out? I think the tax already paid has been considerably more than most people pay in a lifetime.

@Dollyparton3

My theory is that a tax shouldn't be set against people who have 3 or fewer properties, really just people who have property empires especially since AirBnb has taken off.

Imagine all this energy from this hate towards landlords being put into making schools better, with free tutoring lessons for disadvantaged kids and demanding changes in childcare so people can go to work and make money to live well...

The Royal Family and the Church would have to pay a shed load of tax then!

My theory is that a tax shouldn't be set against people who have 3 or fewer properties, really just people who have property empires especially since AirBnb has taken off

Well you’ve changed your tune ...

I've noticed that mentioning 'the environment' is the new get out of jail card. Throw it into any post and you can be as rude, judgemental and idiotic as you like.

Not all landlords exploit tenants, come are quite reasonable.
No I don't think they should pay any 'special' taxes, they'll be taxed on income which will include any rent they receive.

@magicBrenda

My original question is at the top of the thread:

To think people who own more than 3 properties should have a special tax applied to them?

@calltheguards Your theory is evolving rapidly. Are you now proposing a tourist tax levied on people per night of a stay? Or would you prefer a corporate social responsibility project lead by AirBnB? Or would you prefer for AirBnB to be banned in the UK? These are all very different from the previous 14 pages of this thread, and have their own pros and cons, none of which would bring a structural recession like your stance throughout the day.

What a clueless OP.

I think op people have already told you why it wouldn't work repeatedly...I'm not sure how many hundreds of people you need to tell you?