Earlier quoted context omitted.
So you want to create a upper middle class transient population that is mostly tech workers? Because if prop 13 is repealed..after 15-20 years of work, the retired tech employees can’t afford annual increase in taxes either. Or is this just to get seniors to leave Bay Area by making it unaffordable for them?
Being priced out of one's home is a red herring that the low tax zealots want you to believe to keep prop 13 in place. Somehow in the 49 other states that don't have Prop 13, people aren't priced out of their homes from taxes. There are other options. There are home equity lines, reverse mortgages, or even freezing tax payments and adding them as liens on the property at time of transfer. But even if you're worried a…
Allow me to introduce you to the great state of New Jersey. People here are absolutely priced out because of the property taxes, especially older retired couples and low earners who may have a house but hit hard financial times. A $400k house will probably have property taxes over $10k.