Should we author an article on “Why Prop 13 is the most inequitable and least reversible piece of legislation ever passed”?
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Probably. It's why the 101 cities of the Bay Area all compete with each other in this little Ponzi scheme of ever more office space to pay for a giant and ever-growing hole of long-term liabilities while the property-owning voters get like $200K a year each in home appreciation
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They did not cut property taxes, the rate of increase was slowed to keep old people from being thrown out of their homes during the big run up in prices in the late 70's. There is plenty of buildable land, the state just constrains it.
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For the 50 millionth time, there were a million ways to design this so it didn't apply to golf courses, Disneyland, corporate office space, people's 2nd, 3rd or 4th homes, etc.
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All the cheap easy solutions are gone
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Don't forget the multi-unit buildings. I'm in 2030 Vallejo with 53 units, 11 stories, and assessed at 5.8m. 74k annual tax bill for the owner.
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Among other societal effects, people are less mobile. Most can’t sell their house and move somewhere, buy another house. Folks will stay in the family home.
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Inland we have plenty of land but rent prices are so low we can't build new housing cheaply enough to rent it--except for SFH, apparently, and mostly in greenfield--but also so high that working people are slipping through & becoming homeless due to lack of affordable apts.
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