Earlier quoted context omitted.
> This is the the real cost of allowing (particularly foreign) capital to be parked in real estate in the developed world. It's amazing to me that people don't recognize this as xenophobia when other forms ("Mexicans are taking our jobs!", "Migrants don't have the same values!") are so readily called out. High housing prices are a self inflicted problem. When you mix supply restrictions with tax breaks explicitly des…
California Proposition 13, to me, has been a ticking time-bomb of a 'youth tax' over the past forty years. As much as I respect that it serves to protect the vulnerable and elderly from heightening costs, it has unduly shifted that burden onto everyone else. I believe todays homelessness is surely in part being caused by this untouchable stick-in-the-mud legislation. Property tax appraisals for neighboring houses are…
And I would even question that. If your house has appreciated so much that you can't afford the property taxes, so you're "forced" to sell it for a huge profit...maybe in an ideal world that wouldn't happen, but it's nowhere near the top of my list of injustices that need to be fixed.