Currently, the US Tax Code § 121 contains a provision that allows an individual to exclude a certain level of profits from the sale of their principal residence after having lived at the residence for 2 of the last 5 years. This policy is antithetical to building strong, resilient, lasting communities with tight bonds. Instead, it incentivizes people to buy a house and move shortly after purchase, without any time to put roots in the community.
By increasing the time period to “earn” this exclusion to 5 years, your administration can reduce the level of transience in our nation’s homebuyers and encourage people to actually settle down, build, and maintain their communities instead of uprooting for a quick buck or because the city/county/state flipped from 51% red to 51% blue. There are a lot of people that fled swing/purple states in 2020 and hurt Republican chances in those states in subsequent election cycles. Stop this madness.
It could also halt the California exodus into red states, which is changing the culture and voting patterns in those states immensely.