For the property investor class. I assure you, the average homeowner isn’t happy about the idea of increased property tax, nor having to spend more if the want to upgrade to a bigger home.
Of course if you’ve got a mortgage and property prices go up, you can leverage that into and easier upgrade because you can use the increased equity in your property as collateral. I know someone who got a huge boost during COVID that way. Tiny studio to 3 bedroom. But mortgage payment went up 2 or 3 times too, so that doesn’t work if property becomes unaffordable altogether.
The problem is that, for the property owning class, the unaffordability of homes is broadly a feature and not a bug.
For the property investor class. I assure you, the average homeowner isn’t happy about the idea of increased property tax, nor having to spend more if the want to upgrade to a bigger home.
Of course if you’ve got a mortgage and property prices go up, you can leverage that into and easier upgrade because you can use the increased equity in your property as collateral. I know someone who got a huge boost during COVID that way. Tiny studio to 3 bedroom. But mortgage payment went up 2 or 3 times too, so that doesn’t work if property becomes unaffordable altogether.