I get that perfectly, thx. Yes, they should stop approving tech expansion plans, absolutely. You can approve 10,000 homes, but if let Facebook build space for 10,000 employees, you're still making zero progress on housing issues.
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Replying to @obrien @kimmaicutler
You can approve 1 million new housing units, but then Google will just keep hiring in SV. You can turn SV into Manhattan, but housing prices will still suck. These cities need to rethink economic development in a way that is not driven by the endless lust for growth.
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Replying to @obrien
much of New York City is significantly cheaper than the peninsula/South Bay bc they keep building in line with population and economic growth. If you have lack of growth, there is no way to pay for the city/state's long-term liabilities which are already cannibalizing services.
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Replying to @kimmaicutler @obrien
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.
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Replying to @kimmaicutler @obrien
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.
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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.
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By millionaire grandmas, are you referring to me as a 40 year old male with kids in elementary school or my wife? And would you suggest we downsize our 4 bedroom with five individuals? Or would you suggest us allowing the kids to complete elementary school to be camping?
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I envy your ability to buy additional homes, and would suggest that is an unusual opportunity held only by a fraction of 1%. Seeing our property tax rates go up in line with property values would not be the end of the world, but we would notice.
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The two things go hand in hand. If you expect your property taxes to rise at a different clip, you'd be willing to pay less for the house in the first place. No system operates with property taxes 100% perfectly tracking real-time property values though.
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This tweet assumes the home was purchased for investment reasons and not for actual use, though. While its value has gone up in the eight years since we bought it, we planned to stay for much longer.
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No, it's not. It's a similar dynamic to interest rates. If interest rates are higher, housing prices either don't appreciate as fast or even decline because as you allocate more to pay on interest and less to pay for the house itself.
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