But...... I thought rich people were happy to pay more taxes?!

Sales of the cheapest and swankiest homes are tanking, but for very different reasons.

"In contrast, sales of high-end homes were soaring in 2017. Million-dollar-plus sales were up nearly 31% that year. This March, sales in that price class were down 11% year over year, even though there are plenty of those homes for sale. In fact, there is nearly a year’s worth of luxury supply available for sale now. Compare that with barely three months’ worth of low-end supply." (emphasis mine)

The article goes on to say....

“In California, where the tax burden is high, some people are finding they have to move out of state to afford to buy a home. As a result, home sales are down in metros throughout the state,” said Redfin’s chief economist, Daryl Fairweather.

In Manhattan, the number of home sales in the first quarter of this year fell to the lowest level in a decade and was 16.4% below the two-decade average of all quarters, according to Jonathan Miller, president and CEO of Miller Samuel, a real estate appraisal and consulting firm. This as listing inventory jumped nearly 9%. (also emphasis mine)

Full disclosure - I get hit by the SALT limit, and while I am not happy paying it - I welcome it because they try to cram so much stuff into our property tax bills. The only way (I hope) this will eventually change is if people have to start paying attention to their property tax bills and get MAD because they can't write it off.