New California Bill Would Add House Flipping Tax

Housing is one of the biggest concerns in the Bay Area and everyone’s looking for solutions. The people who buy, renovate and sell for a quick profit. But, should they be taxed? NBC Bay Area’s Digital Correspondent Abbey Fernandez reports.

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[sshmuckatelli]

Great, Another tax. Keep voting democrat CA! Good f-ing job!

[federalisticnewyorkians]

There is a reason such a tax has never been imposed before... That profits the entire market, increased supply means lower prices.

[gregbussey]

Some homeowners can and do make some of their own renovations. Most people would prefer to have all of the structural and major work done prior to buying a home. Why should the people and companies who do renovate properties get an additional punishment(extra taxes) for fixing up housing? The state should be at least be financially neutral to housing activity, if not slightly supportive( i.e. small tax breaks for renovated homes that are more energy efficient/ seismically retrofitted, etc..) to encourage those people and companies who do make housing safer and better than it was before.

[fanman]

This is stupid. I own my home for 2 years but my employer could move me to a new city and I have to sell. I ain’t gonna pay no stupid tax. It should be a 3 year limit.

[middleguy]

They're really driving all the money out of this state.

[Sunshine-qkcs]

The money will go into the pockets ???? Come on you all know

[collinsfriend]

Home flippers usually do it within 2 years. Tighten it. 7 years is too long.

[suleyman_yusifov]

Good. Very good! Finally we be able to get normal price house

[juicyfruit]

02:30. Precisely. Where is all that revenue going to?

[WOLFSCHRAMM]

What about people that life just happens and needs to sell at any point before the 7 year mark? They will get capital gain taxes charged AND this tax applied, looks to me, the house flipping is just an excuse to add taxes on top of taxes, way to go California

[leizylromero]

Ppl like to complain about homeless ppl but don’t support affordable housing for hardworking individuals.

[robsantaanaca]

How does this relate to a 1031 or owner occupied rules

[jemafleming]

the bill doesn’t really intend to help anyone but just have a reason to tax, yet again

[oscaryuen]

So you are discouraging people to sell they can always lease the place to make more money

[alantan]

Why would selling after 7 years still considered "flipping a home"? I understand 1 year or less but taxing someone after 3 years of home ownership is just the government trying to steal from me. There are a number of reasons for selling a home within a short time that has nothing to do with flipping. High tech workers especially move frequently. I'm a Democrat and I want to vote this idiot out.

[johnthompson]

Should tax investors that turn SFH into rental homes

[JRInTroy]

This is not a solution to the problem and will just add more problems.

[davids]

This is the most ridiculous bill, which will reduce the inventory and increase the price.

[xtheunknown]

This is outrageously fucked up, I have just stared house flipping and contract trading before start of 2022, Down With Democrats 👎🏽👎🏽👎🏽

[A_]

Great take that and house the homeless..lol