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1
Reality
2013 Jul 30, 1:44am
Would make renovation exceedingly expensive. Sometimes I think there should be a tax suspension during renovation, as the renovation enhances the community but is very expensive to the property owner.
2
dhmartens
2013 Jul 30, 2:00am
http://www.realtor.com/home-finance/homebuyer-information/how-long-does-home-renovation-take.aspx
It says here a renovation takes 3 to 6 months to renovate a home.
Abandonment degrades a community, not enhances. Builders like to delay completion for tax purposes and increase profit. This new law would make it more expensive to leave the rotting carcass of an abandoned house to lower values in a neighborhood.
This would get the real estate market moving once again. It would get these assets back into a productive contribution to society instead of creating false demand and cornering of the market and withholding capacity.
#housing