Congrats guys. No new housing is gonna get built until after the next recession.https://twitter.com/SocketSite/status/1004511892461613056 …
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if property owners on the peninsula/South Bay actually paid a sufficient amount of property tax, such that their governments didn't have to rely on tech to pay for infrastructure/services, I would be like OK, you can be left alone. But that's not actually what happens.
Taking our Sunnyvale house as an example... we paid about $12k of property taxes last year. $1k a month. If you use the current estimated value of the home as the assessed value, we should have paid more than $28k. A 16k difference is a huge one for a single family.
I would generally agree : there needs to be a systemic approach. Just building housing without a larger rethinking of econ dev is futile. I don't see anyone in the Bay Area talking about that. It's just build vs don't build housing.
because the actual fix requires a totally different imagination of what housing is... and the older generation doesn't want to think that way. So as long as they get their capped taxes, unending equity, allowing housing is the least they can do.
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