Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
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The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Oracle Corp. is moving its headquarters out of the city. Tesla Inc. is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
Mortgage rates in the US increased for a fourth straight week.
Oct 19, 2021
Bloomberg News
,(Bloomberg) -- China can test the property tax in more regions including the technology hub of Shenzhen as well as Hainan and Zhejiang provinces, a renowned former state researcher said.
The country should expand the tax trial currently running in the cities of Shanghai and Chongqing and also proceed with legislation for a nationwide property tax, said Jia Kang, who was previously the director of the fiscal science research institute at the Ministry of Finance.
Read more: Property Tax Is Another Risk Dogging Housing Market
“The central authorities have placed great hope in these three areas, and they have both good conditions and an immediate need to join the pilot trial,” Jia said in an article published Tuesday in the Global Times. Jia’s currently the director of the China Academy of New Supply-side Economics.
A tax law may need a long time to pass parliament once it’s introduced, according to Jia, who estimated it could take more than a year to hold the normal three debates and it could even need a fourth hearing.
Read more: Why China Could Be Serious About a Property Tax Now: QuickTake
Jia said the government can optimize the policy with different rates for regions. A property tax won’t change the upward trend of home prices in megacities like Beijing and Shanghai, but will make prices rise slower with less fluctuation and speculation, Jia said. It will also help raise the proportion of direct taxes in fiscal income to improve income distribution, he said.
©2021 Bloomberg L.P.