How California Became America’s Housing Market Nightmare
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Re: How California Became America’s Housing Market Nightmare
#2> California also has a distinct burden: Proposition 13, a measure approved by voters in 1978 that limits property-tax increases on homes until they’re sold. That’s been a boon for Baby Boomers who’ve lived in their houses for decades and aren’t assessed at anything close to their property’s market value. But it’s especially unfair to their children, who are in effect subsidizing their parents’ generation.
yup
Re: How California Became America’s Housing Market Nightmare
#3Prices are so insane here they make Lake Tahoe (NV side) look rational, and appealing.
Re: How California Became America’s Housing Market Nightmare
#4> California also has a distinct burden: Proposition 13, a measure approved by voters in 1978 that limits property-tax increases on homes until they’re sold. That’s been a boon for Baby Boomers who’ve lived in their houses for decades and aren’t assessed at anything close to their property’s market value. But it’s especially unfair to their children, who are in effect subsidizing their parents’ generation. yup
yup
Re: How California Became America’s Housing Market Nightmare
#5> California also has a distinct burden: Proposition 13, a measure approved by voters in 1978 that limits property-tax increases on homes until they’re sold. That’s been a boon for Baby Boomers who’ve lived in their houses for decades and aren’t assessed at anything close to their property’s market value. But it’s especially unfair to their children, who are in effect subsidizing their parents’ generation. yup
yup
yup
Re: How California Became America’s Housing Market Nightmare
#6So build more houses?
Re: How California Became America’s Housing Market Nightmare
#7> California also has a distinct burden: Proposition 13, a measure approved by voters in 1978 that limits property-tax increases on homes until they’re sold. That’s been a boon for Baby Boomers who’ve lived in their houses for decades and aren’t assessed at anything close to their property’s market value. But it’s especially unfair to their children, who are in effect subsidizing their parents’ generation. yup
I don't know that it's more "unfair" to the younger generations to not increase property taxes than it would be to the home owners to do so. Why would someone who bought a house for 100k be expected to pay taxes on 2M years later? A lot of these people probably had normal jobs and incomes, they didn't chose for Google/Apple/Facebook to move into town and send the property prices sky high. Yes, they benefit as owners but this rule only takes effect if they don't sell their house and continue to live in it.
The alternative is that we basically force people out of houses they've bought by gouging them with taxes. That seems much more unfair than the alternative.
Re: How California Became America’s Housing Market Nightmare
#8So build more houses?
More houses? Not in MY back yard! Building more houses will depress housing prices. Home owners tend to value their equity more than ensuring housing is affordable for others.
Re: How California Became America’s Housing Market Nightmare
#9> California also has a distinct burden: Proposition 13, a measure approved by voters in 1978 that limits property-tax increases on homes until they’re sold. That’s been a boon for Baby Boomers who’ve lived in their houses for decades and aren’t assessed at anything close to their property’s market value. But it’s especially unfair to their children, who are in effect subsidizing their parents’ generation. yup
I don't know that it's more "unfair" to the younger generations to not increase property taxes than it would be to the home owners to do so. Why would someone who bought a house for 100k be expected to pay taxes on 2M years later? A lot of these people probably had normal jobs and incomes, they didn't chose for Google/Apple/Facebook to move into town and send the property prices sky high. Yes, they benefit as owners…
Apple has been in the same general area since the 1970s, and all of the many companies that came before them lol.
Re: How California Became America’s Housing Market Nightmare
#10Earlier quoted context omitted.
I don't know that it's more "unfair" to the younger generations to not increase property taxes than it would be to the home owners to do so. Why would someone who bought a house for 100k be expected to pay taxes on 2M years later? A lot of these people probably had normal jobs and incomes, they didn't chose for Google/Apple/Facebook to move into town and send the property prices sky high. Yes, they benefit as owners…
Apple has been in the same general area since the 1970s, and all of the many companies that came before them lol.
Yes, but they weren't the money printing machine back then that they are now and it's highly doubtful they had a meaningful impact on Bay Area real estate prices in the 1970s.