Taxation and the middle class

[Rainrider22]

Many investors own multiple units

And therein lies the rub.

If somebody was that well off to be able to buy multiple condos or single-family houses, the extra capital gains tax is not hurting them in any way.

But they were part of the reason why housing got so outlandishly expensive by participating in the speculation to buy multiple extra properties like that.

Zero sympathy. Let's go back to the high marginal tax rates on the rich from the 1950s and 1960s. (And, no, "capital flight" doesn't really happen.)

Um,  you are off base.  My wife and I purchased a couple of condo units that we rent out.  This was done as retirement investment for her as she does not have a pension plan through work.  We are by no means wealthy.  We live in a semi, we made choices to not keep buying up on our residence in lieu of purchasing investment properties for her future.  I know many people that have done this.  The only people that are going to be hurt by this is the people like myself.  People who own many condos units for rent have them owned under a corporation.  Therefore they don't pay tax in the same manner, they will be just fine and unaffected by this tax grab.