United States Real Estate Investor

United States Real Estate Investor

United States Real Estate Investor logo is a registered trademark of Universe Media Publishing, LLC
Search
Close this search box.
United States Real Estate Investor

United States Real Estate Investor

Search
Close this search box.
United States Real Estate Investor

United States Real Estate Investor

Search
Close this search box.
Banner Privy - Direct To MLS Data banner ad

California Lawmakers To Tax Real Estate Investors

United States Real Estate Investor - Real estate investing media - California Lawmakers To Tax Real Estate Investors
There’s been a push to pass a law that stops short-term investments from driving up the demand in San Diego’s housing market. Economists think it might explain why prices have risen 18% faster there than anywhere in the country.
This Month In Real Estate Investing - What do you know about real estate investing?
United States Real Estate Investor Shop - Money Is Funny podcast t-shirt
Table of Contents
United States Real Estate Investor - Real estate investing media - California Lawmakers To Tax Real Estate Investors
Play Video about United States Real Estate Investor - Real estate investing media - California Lawmakers To Tax Real Estate Investors
United States Real Estate Investor - Real estate investing media - 5 Step Beginners Guide To Real Estate Investing
The Ultimate Guide to ChatGPT Equations for Real Estate Investing: Maximize Your Real Estate Investments with Artificial Intelligence sidebar ad

California Lawmakers To Tax Real Estate Investors

There’s been a push to pass a law that stops short-term investments from driving up the demand in San Diego’s housing market. Economists think it might explain why prices have risen 18% faster there than anywhere in the country.

Trisha Cortez is a Scripps Health pharmacy technician who’s been trying to purchase her first home since October, consequently being outbid 33 times in the process.

“I was done. I was ready to move back in with my parents,” Cortez said.

Finally closing last week in Talmadge at $400,000 on a 500-square-foot condo, Cortez paid $70,000 over the asking price.

“It’s really frustrating,” Cortez said. “It would be really amazing, you know, to not be consistently outbid or underbid by people that have deep pockets.”

Lawmakers, city leaders, and economists seem to be in agreement that something needs to change.

Recently, United States Assemblyman Chris Ward introduced the California Housing Speculation Act. It would impose a 25% tax on an investor’s net capital gains from the property’s time of purchase until final sale or exchange.

If this change goes into effect, it could deter real estate investors from sitting on properties, which drives up property prices and reduces inventory.

“The thought of buying a home today is painful to these families, it’s depressing for the next generation and it’s an outright failure of the housing market,” Ward said.

Exemptions from property tax are available for first-time homebuyers purchasing primary residences, affordable housing properties, military personnel who move with their families or government workers assigned to the community on long-term assignments, or those who subdivide residential lots into two lots and live in one of them.

“The corporations and investment companies that are doing this are nothing more than economic bullies,” San Diego Council President Sean Elo-Rivera said.

AB1771 could generate $4.02 billion in revenue, which will go back into the community to build up infrastructure, schools, and affordable housing.

Over the last few years, west coast housing prices have continued to skyrocket. According to the Case-Shiller index report, San Diego’s median home price sits at $764,000, eight times the current median income.

University of San Diego economics professor, Dr. Alan Gin, agrees with the idea that some moral responsibility should be put into the equation.

Capitalism, there’s a lot of good things about it, but one thing is, it doesn’t look in terms of equity, and so it doesn’t look at people being sort of priced out of housing here in San Diego,” Dr. Gin said.

Dr. Gin said high-bid activity sends workers away from San Diego to find work elsewhere and leaves local businesses without qualified candidates.

Legislation for these proposed changes could go up for its first vote in about a month, Ward said.

California Lawmakers To Tax Real Estate Investors
Find me on Coop the Block!
Crypto.com
United States Real Estate Investor - Real estate investing media - United States Real Estate Investing and More Facebook Group

Thank you for visiting United States Real Estate Investor.

Information Disclaimer

The information, opinions, and insights presented on United States Real Estate Investor are intended to educate and inform our readers about the dynamic world of real estate investing in the United States.

While we strive to provide accurate, up-to-date, and reliable information, we encourage readers to consult with professional real estate advisors, financial experts, or legal counsel before making any investment decisions.

Our team of expert writers, researchers, and contributors work diligently to gather information from credible sources. However, the real estate market is subject to fluctuations, changes, and unforeseen events.

United States Real Estate Investor cannot guarantee the completeness or accuracy of the information presented, nor can we be held responsible for any actions taken based on the content found on our website.

We may include links to third-party websites, products, or services.

These links are provided for convenience and do not constitute an endorsement or approval by United States Real Estate Investor.

We are not responsible for the content, privacy policies, or practices of any third-party sites.

Opinions expressed by contributors are their own and do not necessarily reflect the views or policies of United States Real Estate Investor.

We welcome diverse perspectives and encourage healthy debate and discussion.

By accessing and using the content on United States Real Estate Investor, you agree to this disclaimer and acknowledge that the information provided is for informational and educational purposes only.

If you have any questions, concerns, or feedback, please feel free to visit our contact page.

United States Real Estate Investor.

Tags

Don't miss out on the value

Join our thousands of subscribers

Subscribe to our newsletter to learn how to attract clients, close deals faster, and a lot more!

United States Real Estate Investor logo
Experience lasting business growth with custom content that works to increase sales.
Exclusive all-access pass to David Randolph's Short Sale Masterclass

This is the easiest way to know the industry.
The Ultimate Real Estate Investing Glossary

More content

notice!

Web & Social yearly Package

Please, have ad set files ready before purchase.

Please, be aware that after your purchase on the Stripe payment portal, keep your browser open; You will be automatically redirected to the ad set submission page.

notice!

Web & Social Monthly Package

Please, have ad set files ready before purchase.

Please, be aware that after your purchase on the Stripe payment portal, keep your browser open; You will be automatically redirected to the ad set submission page.