The principal issue, full stop, in the Bay Area and most of California is housing. There are two solutions to this: 1) Build more. But this is outrageously difficult due to a well-meaning political view of safety / fairness / etc. These restrictions employ an awful lot of bureaucrats for enforcement but add $10s of thousands in fees and delays for builders, that are IRR driven and would rather concentrate their effor…
$3,000 sounds almost reasonable for property taxes. $30,000 sounds like daylight robbery.
The principal issue, full stop, in the Bay Area and most of California is housing. There are two solutions to this: 1) Build more. But this is outrageously difficult due to a well-meaning political view of safety / fairness / etc. These restrictions employ an awful lot of bureaucrats for enforcement but add $10s of thousands in fees and delays for builders, that are IRR driven and would rather concentrate their effor…
Forget older Californians, you can get priced out of your house just from property value increases in the last decade! Also keep in mind that there's no great system for appraising houses. As someone who has bought two houses and sold one, the appraisal system comes down to "can I find a few houses in this neighborhood that have roughly equivalent room count and square footage that have sold in the last 6 months." So…
The problem is the last transaction might have been decades ago. This leads to some people paying several times as much property tax as their neighbors who own houses of similar market values, simply because their neighbors bought their homes years earlier. That's not reasonable.
It also means you could sell your home, move across town into a home that costs the same as the one you sold, and your property tax could quadruple. That's not reasonable either.
The principal issue, full stop, in the Bay Area and most of California is housing. There are two solutions to this: 1) Build more. But this is outrageously difficult due to a well-meaning political view of safety / fairness / etc. These restrictions employ an awful lot of bureaucrats for enforcement but add $10s of thousands in fees and delays for builders, that are IRR driven and would rather concentrate their effor…
It's not just SV that has similiar stuff to Prop 13, most places do so. If not, the locals will simply have to pack up and move just because their property value went up which can be quite disruptive. I personally think it's fair. You shouldn't be forced to move out of a city you are rooted in where you have family and friends. Imagine getting old and deciding you wish to downsize to a smaller house because all the k…
> It's not just SV that has similiar stuff to Prop 13, most places do so.
I do not know of any place that caps the property taxes of commercial or rental property.
> Ending Prop. 13 will not solve anything. If more people want to live here they need to build more housing. You instead proposing to kick out people who already live here just because they cannot afford to pay much higher taxes. Sounds pretty close to genocide to me. Uh, no, that's nowhere close to genocide.
The principal issue, full stop, in the Bay Area and most of California is housing. There are two solutions to this: 1) Build more. But this is outrageously difficult due to a well-meaning political view of safety / fairness / etc. These restrictions employ an awful lot of bureaucrats for enforcement but add $10s of thousands in fees and delays for builders, that are IRR driven and would rather concentrate their effor…
I think the transferring of the low tax basis is bogus but Prop 13 does protect blue collar families. I personally know someone who works for a low hourly wage and now owns his home he bought in the 1970s. If he did not have those tax protections he would lose the home he raised his family in and have to move immediately.
I understand it's frustrating to outsiders who are new to the city and are trying to "make it" but forcing families out of their homes isn't right.
The principal issue, full stop, in the Bay Area and most of California is housing. There are two solutions to this: 1) Build more. But this is outrageously difficult due to a well-meaning political view of safety / fairness / etc. These restrictions employ an awful lot of bureaucrats for enforcement but add $10s of thousands in fees and delays for builders, that are IRR driven and would rather concentrate their effor…
$3,000 sounds almost reasonable for property taxes. $30,000 sounds like daylight robbery.
And, to add insult to injury: the ones paying 3000 a year in taxes rather than 30k, are the ones who made millions of dollars in equity off the gain. That's extremely Regressive and completely the opposite of what CA supposedly stands for: Progressive income taxes.
I think the problem is that you're thinking of it in purely economic terms. Ending Prop 13 will increase home turnover because it prices people out of their homes but I don't think that's really what we want in our housing market. Telling people to think of their homes as a commodity upon which market forces should be brought to bear in order to ensure production of housing services at competitive prices is obtuse. P…
You cannot escape the vicissitudes of the market - you can only externalize the costs onto other people. In Prop 13's case, it was largely a one-time benefit to property owners at the time of passage, at the expense of both future residents and the economy in general.
The principal issue, full stop, in the Bay Area and most of California is housing. There are two solutions to this: 1) Build more. But this is outrageously difficult due to a well-meaning political view of safety / fairness / etc. These restrictions employ an awful lot of bureaucrats for enforcement but add $10s of thousands in fees and delays for builders, that are IRR driven and would rather concentrate their effor…
Ending Prop 13 would eventually result in 20% of the state's homeowners being forced to sell and become renters.
The US is full of affordable housing in places that are not (despite what you might think) utter cultural wastelands.
Do not wait for Prop 13 to be repealed, you will be in your grave before that happens.
The principal issue, full stop, in the Bay Area and most of California is housing. There are two solutions to this: 1) Build more. But this is outrageously difficult due to a well-meaning political view of safety / fairness / etc. These restrictions employ an awful lot of bureaucrats for enforcement but add $10s of thousands in fees and delays for builders, that are IRR driven and would rather concentrate their effor…
I think the transferring of the low tax basis is bogus but Prop 13 does protect blue collar families. I personally know someone who works for a low hourly wage and now owns his home he bought in the 1970s. If he did not have those tax protections he would lose the home he raised his family in and have to move immediately. I understand it's frustrating to outsiders who are new to the city and are trying to "make it" b…
How would your friend feel about property taxes that scale with market value, but can be deferred until the moment the home is sold, at which point the deferred taxes are paid from the home's appreciation? We could even add a provision capping the maximum tax bill to the actual amount of appreciation since the home was bought. That way nobody is priced out of their home, but the taxes to pay for services that everybody uses are still distributed equitably among all residents.
The principal issue, full stop, in the Bay Area and most of California is housing. There are two solutions to this: 1) Build more. But this is outrageously difficult due to a well-meaning political view of safety / fairness / etc. These restrictions employ an awful lot of bureaucrats for enforcement but add $10s of thousands in fees and delays for builders, that are IRR driven and would rather concentrate their effor…
I think the transferring of the low tax basis is bogus but Prop 13 does protect blue collar families. I personally know someone who works for a low hourly wage and now owns his home he bought in the 1970s. If he did not have those tax protections he would lose the home he raised his family in and have to move immediately. I understand it's frustrating to outsiders who are new to the city and are trying to "make it" b…
on average prop 13 overwhelmingly benefits wealthy homeowners. So why not add an income level qualification to prop 13 so that it only benefits people that actually need it?