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 stated in a latest interview that proposed taxes on California properties priced $5 million and up may 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 inexpensive housing within the state.
White stated that whereas the California market is totally different from the Connecticut market the place she works, she finds the proposed tax “mind-blowing” and wonders what precisely will probably be carried out with the cash generated from this program. Will it go on to serving to with homelessness within the state, as an example? What’s going to the packages appear like and can they really work, Lazine questioned.
Subject No. 2: The tug-of-war between millennials and boomers
In a latest 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 need to buy properties.
Whereas millennials are having to spend cash on courting and avocado toast, stated 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 way in which 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 business is in for some rocky financial instances. In a wide-ranging interview, Barton stated that being ready for what’s forward, together with extra ache, is important.
Brokers proper now shouldn’t be saying typical issues, Lazine stated. Messaging ought to be related and enterprise planning must be designed to fulfill the challenges forward. Going “again to the fundamentals” now’s about work ethic, however your playbook must be totally different.
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