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I will pay more in property tax this year as a new owner than my next door neighbor has paid in TOTAL since they moved there in 1965. That's California's Prop 13. It's a massive wealth transfer from the young to the old, many of whom rent their homes and keep the profits

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Jesse Powell

@jespow

Replying to

@justindross

It's messed up. Same dynamic in effect as rent control. New buyers/renters pay disproportionate share to make up for those underpaying. Huge disincentive to sell/move because of reset, thereby constraining supply and raising price/tax obligation of new buyer/renter.

9:08 PM · Jan 14, 2020Twitter Web App

Replying to

Also disincentivized to ever allow more building. Restrict supply, get free appreciation forever

Jesse Powell

@jespow

Jan 14, 2020

Right. The cost to maintain all of the public services, security of the land, etc. continues to climb. If we can't charge market rate taxes to keep up, natural response would be build more housing to spread the burden. Can't have it both ways.

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