New Jersey Gov. James McGreevey hits all the right buttons for me with this move...
From Yahoo!
NJ Governor Aims to Tax Wealthy 'McMansion' Buyers
New Jersey Gov. James McGreevey has come up with a novel way to sock the wealthy -- make them pay a new $10,000 "McMansion" tax on homes that cost at least $1 million, a treasurer's spokesman said on Wednesday.
The nickname McMansion was coined to describe the new oversize homes that have proven highly popular in New Jersey and other states, although critics say their architecture is undistinguished at best.
"The term comes from (the fact) they all look the same," said an administration source, who spoke on condition of anonymity. "They kind of spring up from a mass franchise like McDonald's Corp. There's not a lot of character to them."
Residents who buy existing homes also would get hit by the new real estate tax.
I don't know what the chances are that this will get turned into law. I'm sure developers like Toll Brothers will fight it tooth and nail. But I like the sentiment. These houses are obscene and play on the need for people to allow their possessions to define their value.
About five years ago such a development popped up near our neighborhood in Central PA. Prices for general 4 bedroom houses in this area range from $130K to $350K, depending on amenities, location, size of lot, etc., etc. But the McMansions went, starting around $700K, on about double the lot. My wife and I went to see one during an open house, just out of curiousity.
Disgusting use of resources. 6 bedrooms. 6 bathrooms. An entry way foyer that reached up to the third floor - empty space with nobody able to occupy the second or third floor space, requiring heating. 3 car garage. The lot was about half an acre, not significantly more than the 1/3 acre we have today. Security provided by the homeowner association covenant.
Price - about $900K, three years ago.
Outside, these houses look like mini Gothic manors. Drive through during a weekend - no kids playing. All that housing space for small households. Wasteful. Shameful.
I realize the wealthy have to live somewhere, and apparently many would like the cost of housing to segregate themselves from those of lesser means, but really, does it have to be so wasteful?