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10 Kommentare
This would be a good global policy to start with.
This is a promise, not yet codified into law. They’ll have to find a way to define “multiple home ownership” and also somehow enforce disinvestment or forced compliance.
I don’t know much about law in Korea, but in the United States this would sound like a campaign promise that’s incredibly difficult if not impossible to carry out due to how broad it is. There would be so many loopholes.
goddamn that’s a sensible move.
I have been recently really surprised at how much the US Federal Tax law transfers dollars to landlords. The IRS rules require taking depreciation of rental property (after removing the value of the land itself). Why are workers paying more tax so that landlords can lower their taxes by depreciating an _appreciating_ asset. Real estate appreciates but landlords don’t pay tax on it.
South Korea is all about image projection. To the point that it’s scary. That being said, what you choose to judge from the other person, and therefore a reflection of society as a whole, is a handshake and is set from a group of variables from a whole slew of narratives. For example, back then, if you want to project power and prestige, the narrative from society is “you need to look the part – project rich, good car, expensive tailored suits, immaculate hygiene and face, etc.” If that means you need a house or two in Hanamdong then so be it. You look poor otherwise.
And now that people are starting to look at austerity as a projection of “oneness” then the handshake from society says, “you need to look less rich than what you’re really worth”. It’s all a façade. Always has been. Always will be. But expect Koreans to take it to 11.
Hopefully none of this creates any bubble vibes for Korea like China did
What a fantastic concept. Also… Corrupt leaders there go to jail. Another fantastic concept.
Contrast that with Scott Bessent: “We are going to give guidance at some point to see what is a mom and pop is. Someone, maybe your parents for their retirement, have bought 5, 10, 12 homes. So we don’t want to push the mom and pops out, we just want to push everybody else out,”
Canadian MP’s are gonna start sweating after seeing this.
Effective government. Wow what a concept!