How do we feel about cottages or summer homes for people who live in poor weather climates? Is that a luxury that should be universally condemned? I woulnd't think those qualify as speculative but more like lifestyle money pits from what I have heard.

Usually when something like that is proposed seriously it isn't supposed to start from the second home already, but a bit further as there's very little social benefit in excessively taxing a flat inherited from your grandma waiting for your children to grow up either.

Allow me to flip that around. Should people in places like Phoenix be priced out of the market because a significant amount of people have a winter home there?