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house flipper time restrictions

Breaking News: Proposed CA Bill Would Impose 25% Gain Tax, Plus Time Restrictions on House Flippers

March 15, 2022 by Realty411 Team Leave a Comment

Image from Pixabay

By Stephanie Mojica

Alleging that house flipping is preventing average people from buying a home, a California Assembly member has proposed a law that would require short-term real estate investors to pay a 25% gain tax, according to CBS 8.

If passed, the California Housing Speculation Act would start on January 1, 2023. The Assembly member behind the bill is Democrat Chris Ward from San Diego County’s 78th District.

There is an “influx of short-term investors trying to get into the market, outbid San Diegans and Californians with all-cash offers, and drive the prices up for everyone,” Ward told CBS 8.

The Assembly member also cited concerns with California housing shortages making it difficult for people to find affordable housing.

Norm Miller, a real estate professor at the University of California, San Diego, said even if the law passes the odds are still favorable for real estate investors.

Investors will still get “unlimited tax write offs from the mortgage interest and the property taxes,” Miller said. “[They’ll] also get depreciation, which is something an owner does not get on their own personal residence.”

To voice your opinion on Chris Ward’s bill, call his office at 619-645-3090. Visit https://findyourrep.legislature.ca.gov to find the contact information for your representative and call their office as well.

Filed Under: news Tagged With: breaking news, CA Bill, house flipper time restrictions, real estate investing, real estate investor, real estate magazines, real estate wealth, realty 411, realty magazine, realty411, rei magazine, rei wealth, REIwealth, Stephanie Mojica, tax

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