this post was submitted on 12 Aug 2023
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Well whatever tax you are talking about it's not effective in stopping speculators so it's not enough. Though if the concept of tax is too problematic I'm fine with an outright ban as well.
While I agree, one has to question why there is so much speculation in the first place.
The banks these days will give you 5% returns just sticking your money in a savings account – backed by a government guarantee in case the bank fails. That means housing needs to return something humongous to justify the greater risk.
Speculators can be wrong, but they are never random. There is something out there that makes them legitimately think that those humongous returns are quite possible. While a tax may serve as a bandaid to keep the infection away, what it is that is cutting us?