I know some people that do not want to sell their homes due to capital gains taxes. Instead they want to leave it to their kids as inheritance to avoid the capital gains tax. If we get rid of the capital gains taxes we will get more houses on the market. And that will alleviate the shortage and make it more affordable for first time buyers. Boomers will be happy to sell their homes and finance their retirement. Gen Z will be happy to have more homes to choose from. The taxes are creating artificial scarcity.
Yes! The capital gains thing is definitely making seniors stay in their homes, including my mother who’s been in her house since 1962. They should make it if you’re over a certain age (65??) or if you’ve been in the same place for over say 15 years.
The other big problem is the huge scale companies coming in and buying the houses all cash with no inspection.
I find it hard to believe that the banks are not crying foul on that because they’re not getting as many mortgage loans!!
Not sure how to control that but it’s keeping 20 and 30 somethings from buying houses (My son being one of them).
1 Like