I was doing some math in my head. I’ve been thinking about housing prices and wanted to assess the rough value of my city neighborhood block.
Assuming the average value of a house in my neighborhood is a flat $500k, that means 2 houses = $1M.
Counting the houses on my street I estimated there are about 20 houses per-block, which means 1 block = 20 houses = $10M.
Continuing to scale that up by factors of 10, we get:
10 blocks = 200 houses = $100M
and
100 blocks = 2000 houses = $1B
I opened up a map to visualize 100 blocks and it’s practically my entire city neighborhood. Billionaires shouldn’t exist.
It’s easier to implement as a tax credit. You’re entitled to a 90% rebate on the property taxes for the home you live in, perhaps a 50% credit for a home you own that a family member lives in, and no rebate for additional properties.
One major benefit of this is as soon as a lender initiates foreclosure proceedings, the taxes owed on the property go through the fucking roof. They are motivated to work with you on the loan.