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In theory it makes them more expensive to hold onto and therefore increases the incentive to sell. In practise the tax would have to be far higher than any of our politicians can stomach.
Remember that changes like this tend to affect things at the edges - it will cause things which are marginal to no longer be worth it and everything in the middle just shifts around.
rhowe
Doesn't that just result in those costs being passed onto the people who then try to rent them?