Second Home Taxes Pay For Self Build First Time Buyer Homes

PENZANCE, UNITED KINGDOM - MARCH 21: A woman walks past a sign advertising a holiday flat for sale near Cape Cornwall on March 21, 2008 in Cornwall, England. Due to the massive increase in the number of second homes and huge price increases, in nearby Rock, 12 detached bungalows are being built on a self-build affordable housing scheme, funded by a 544,000 GBP interest-free loan from North Cornwall District Council raised by the increase in second homes council tax. Under the scheme, buyers, who are strictly selected, pay 50,000 GBP for the plot with foundations and a timber frame and will then complete the homes themselves. The demand for holiday homes in the area led to local people being priced out of the housing market and as many as half the homes in some areas are now second homes. (Photo by Matt Cardy/Getty Images)