Zillow slams the brakes on home buying as it struggles to manage its backlog of inventory

exactly why this idea will never pan out. Rates are set by the county and valuation by the appraisal district.

Not everyone can afford to buy a home, rent is their only option. If every single rental has to go up because their taxes went up you are just saying all the people who are renting can just move?

There will be exactly 0 land lords not trying to pass that cost right out of the gates. Acting like they'd just sell all of a sudden and suddenly renters would have money to spend on a house is really absurd.

Smaller cities would be absolutely destroyed economically. Bigger cities would become even more unaffordable to the working class.

Except in the places that don't implement this dumb idea. Like I said taxes are set at the local level. In Texas the highest tax rate is the school district you live in and in most cases it's voted on what the rate will be. So people can literally vote for it to be 0.

/r/news Thread Parent Link - cnn.com