>I think the central moral argument is that having giant empty houses in the middle of a city
Raise property taxes if you don't want property to be left unoccupied.
I sympathize with people who are already living there but it just doesn't make any economic sense to give tax breaks to benefit a small population that's already living there. There is no benefit to the population at large to prevent an incumbent population from getting priced out.
The goal should be to increase the supply of cheaper housing and make it abundant. I doubt it is possible in Manhattan today. Why not do it somewhere close by where they are not likely to be priced out? Instead, we build things like the east rover ferry which is clearly intended to raise the rent in apartment complexes midtown and first avenue...
I think the trick is to raise property taxes on un-occupied/secondary housing, because if not you're just raising taxes for everyone.
I doubt the people already living there is small. Most people don't really move out of cities they grew up or went to college in. So we're talking about a substantial chunk of the population. There are cultural arguments for protecting the incumbent population.
Like I said, that's the counterargument as has been presented to me. It's not black and white (obviously). I think the proper solution is stronger transportation and making other areas more livable. But there's a strong argument for making real estate not become just an investment vehicle (literally rent seeking!), and make it more about actually housing people.
Why don't billionaires build palaces in Iowa? Regular income folks build amazing cities, and then rich folks move in and crush the cities and price everyone else out, and often don't even live there, just put up empty properties that drain local commerce.
Raise property taxes if you don't want property to be left unoccupied.
I sympathize with people who are already living there but it just doesn't make any economic sense to give tax breaks to benefit a small population that's already living there. There is no benefit to the population at large to prevent an incumbent population from getting priced out.
The goal should be to increase the supply of cheaper housing and make it abundant. I doubt it is possible in Manhattan today. Why not do it somewhere close by where they are not likely to be priced out? Instead, we build things like the east rover ferry which is clearly intended to raise the rent in apartment complexes midtown and first avenue...