No need to go through the trouble of any of those three options. Just sell. If taxes make it unprofitable, chances are prices are higher than they should be. That would mean the LLs could sell when prices are highest, all the while increasing desperately needed inventory in times when it’s in short supply.
We should not allow speculation or “ownership for profit” of finite natural resources, especially if those resources are in excess of what that person/family needs for their own use. Rentier capitalism is NOT productive; it is zero-sum and subjects the economy to dangerous booms and busts, and it has the potential to create dangerous wealth/income inequalities while exploiting those least fortunate.
As for the subsidy:
“Definition of ‘Subsidy’
A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction.”
tax subsidy
noun [C or U] TAX, GOVERNMENT, ECONOMICS
› a reduction in tax in order to reduce the cost of producing food, a product, etc. and to help to keep its price low:
[Which Prop 13 largely fails to do, BTW, since most LLs charge market rent, irrespective of the subsidies they receive.]
Prop 13 is absolutely the very essence of a tax subsidy to those who least need it (people who own more property than they can use for themselves). It is unconscionable that we are providing these subsidies when the state and local governments are so strapped.
