Congrats guys. No new housing is gonna get built until after the next recession.https://twitter.com/SocketSite/status/1004511892461613056 …
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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.
The challenge becomes how you extract more taxes from a property owner who has not realized any financial benefit from the property's estimate increasing. The price, theoretically, could go down, or they may not ever have a selling event.
Palo Alto, one of the richest suburbs in America, is facing a $1 billion unfunded pension liability. https://www.paloaltoonline.com/news/2017/10/13/behind-the-headlines-transcript-palo-altos-pension-problem …https://www.paloaltoonline.com/news/2018/05/18/alarmed-by-pension-costs-city-seeks-to-slash-4m …
As for unfunded pensions, well , taxpayers were suckered on that long ago. Nothing to do now but pay what was agreed.
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