Alright, Tax Wealth, Not Work (TWNW). Let’s say the wealth tax got implemented at 2% on wealth over 10 million. I’m unclear on whether it would increase single home ownership and reduce the number of available rentals and thus make it even more difficult to find living space. Or would the tax revenues from it allow for the construction of more community housing?
Not necessity. Since housing will be cheaper to buy, some will do that instead of rent. So the market of renters will be smaller, keeping rental prices in check.
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