Mansion Tax Could Be ‘Hardest Hit Since 2007,’ Josh Altman Warns
This week, Byron Lazine and Nicole White talk about Josh Altman’s view of California’s proposed mansion tax, the tug-of-war between millennials and boomers, and the ache Zillow’s CEO sees on the horizon.
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Byron Lazine and Nicole White are two brokers in Connecticut who give us their ideas on the week’s information each Friday in “The Actual Phrase,” a weekly video column on Inman. This week
This week, Lazine and White talk about Josh Altman’s view of California’s proposed mansion tax, the tug-of-war between millennials and boomers, and the ache Zillow’s CEO sees on the horizon.
Subject No. 1: Josh Altman on California’s proposed mansion tax
Million Greenback Itemizing LA’s Josh Altman mentioned in a current interview that proposed taxes on California properties priced $5 million and up might create the ‘hardest hit’ on the California housing market because the meltdown of 2007-2008. The so-called mansion tax is slated for use to fund reasonably priced housing within the state.
White mentioned that whereas the California market is completely different from the Connecticut market the place she works, she finds the proposed tax “mind-blowing” and wonders what precisely will likely be accomplished with the cash generated from this program. Will it go on to serving to with homelessness within the state, as an illustration? What is going to the applications appear to be and can they really work, Lazine questioned.
Subject No. 2: The tug-of-war between millennials and boomers
In a current Inman article, consultants defined how rising mortgage charges, inflation and financial uncertainty have put millennials and child boomers into competitors for comparable properties, particularly these in walkable downtown areas. Regardless of frequent stereotypes, a number of surveys present that each millennials and Gen-Z demographic cohorts wish to buy properties.
Whereas millennials are having to spend cash on courting and avocado toast, mentioned Lazine, boomers management 1/seventh of the world’s wealth. They will are available in and pay money for properties so rates of interest aren’t hurting them the best way they’re affecting youthful homebuyers.
Subject No. 3: Zillow’s CEO says ‘the actual ache might be coming’
This week, Zillow’s CEO Wealthy Barton informed GeekWire that “the actual ache might be coming” and the actual property trade is in for some rocky financial instances. In a wide-ranging interview, Barton mentioned that being ready for what’s forward, together with extra ache, is important.
Brokers proper now shouldn’t be saying typical issues, Lazine mentioned. Messaging needs to be related and enterprise planning must be designed to fulfill the challenges forward. Going “again to the fundamentals” now could be about work ethic, however your playbook needs to be completely different.
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