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People Are Dumping Houses On The Market In The Mass Exodus From Cities, New California Wealth Tax

Ajouté le lun. 17 août 2020 People et blogs Rectangular HD

People have begun dumping houses on the market that's the only way to describe it because there are not enough buyers coming in to meet the swelling Supply. San Francisco is one of those markets it has been one of the hottest housing markets in the US in recent years however people are in such a rush to leave the city proper the inventory has jumped by 96% year-on-year wow new pending home sales have increased by 1.7%. another troubling sign is that in major cities all across the nation supply of urban homes is elevated compared to supply of suburban homes and the rate at which people are searching for suburban homes has not decreased even though some would suggest the crisis is over. now there's also been a lot of assistance programs that have helped support the housing market recently his help to hold off some of the foreclosures and significant events that will crush the banking system but those programs are coming to an end. many real estate analysts believed that the darkest days are ahead and that home prices could take a significant hit if this trend continues or accelerates. Now there's also a new proposed wealth tax for California they wants to tax people who make a certain amount Millionaires and billionaires and it's going to be proactive so if people have moved out of the state of California in the past 10 years they're still going to have their wealth taxed and it covers just about every asset a person may own the interesting thing is that this is not the only wealth tax that is likely to pass there was another one that was submitted in June. they tried to submit a similar bill in New York but the governor said he was concerned about a mass Exodus of high-net-worth individuals from the cities the thing I think they're forgetting is it this is the most highly mobile people on the planet and maybe some of the reason we're seeing the damage to the San Francisco housing market which is one of the most expensive markets in the nation.