USA: #luxuryhousingtax. How Cities Should Take Care of Their Housing Problems

The New York Times: “While President Trump talks repeatedly about fixing America’s inner cities, it’s a good bet that in the coming years, New York and other large metropolitan areas will need to be more self-reliant in solving pressing problems, especially low-income housing. …

Fortunately, there’s an already tested alternative: an annual luxury housing tax, levied on new high-end condos and rentals, which would feed a self-sustaining fund dedicated to develop truly affordable units.

While no city has such a plan in place, this strategy has been tried right here in New York. The city has already channeled approximately $1 billion from luxury development for affordable housing into communities like Harlem and the South Bronx. … .”