Thanks to a 1997 change in the federal tax code, more homeowners are retaining profits from sales, with the opportunity to buy two homes as a result.
"If you are thinking about buying a second home this spring -- or you bought one in the past couple of years -- you are part of a major transformation in the real estate market.
The number of second homes purchased annually in the United States doubled from 2000 to 2004, according to new research. The boom is being driven in part by demographics -- mainly a flood of equity-laden baby boomers -- and in part by a largely unexpected effect of tax-law changes in the late 1990s."
"When Congress amended the federal tax code in 1997 to permit up to $500,000 (for married couples) or $250,000 (for singles) of gain on the sale of a primary home to be spared from taxation, 'homeowners did not have to buy expensive [replacement] homes anymore...'"
FULL STORY: Tax Law Gave Rise To Second-Home Boom

San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.

Has President Trump Met His Match?
Doug Ford, the no-nonsense premier of Canada's most populous province, Ontario, is taking on Trump where it hurts — making American energy more expensive.

Study: London ULEZ Rapidly Cleaning up Air Pollution
Expanding the city’s ultra low-emission zone has resulted in dramatic drops in particle emissions in inner and outer London.

San Jose Mayor Takes Dual Approach to Unsheltered Homeless Population
In a commentary published in The Mercury News, Mayor Matt Mahan describes a shelter and law enforcement approach to ending targeted homeless encampments within Northern California's largest city.

Atlanta Changes Beltline Rail Plan
City officials say they are committed to building rail connections, but are nixing a prior plan to extend the streetcar network.

Are Black Mayors Being Pushed Out of Office?
The mayors of New York, St. Louis, and Pittsburgh all stand to lose their seats in the coming weeks. They also all happen to be Black.
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