If you came to San Francisco in the 1970s and 1980s "when it was cool" and are complaining about how tech has ruined the city and you're only paying a few grand in property tax a year on $2M+ in home equity, ask yourself... how does my city pay for things? https://t.co/aKTc21qCR0
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Of course I've heard of those options. There are others as well. Doesn't address the actual issue. Would be better to end subsidies to attract businesses that end up starving public budgets.
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Prop 13 is needed for elderly.. but homeowners should be held responsible for property taxes once they sell the house.
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Where I live in PDX there's incompetence across levels of government to subsidize wealthy developers & many ways already wealthy homeowners get subsidies. 10 yr prop tax freeze in historic neighborhood etc. Starves schools & subsidizes renovation owners would have done anyway.
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We did decide this matter with prop 13 in CA back when we didn’t wanted grandma to sell the family home because she couldn’t pay the property taxes with her fixed income.
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I see proposals to abolish prop 13, but have there been proposals to simply treat the equity value used for loans as the tax base? It would counter the argument that owners aren’t benefiting from their increased home equity so they shouldn’t have to pay more tax.
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While valid, that is a horrible suggestion. Most meaning almost all would not be wise to tap those lifelines. To clarify another point the percentage be of people living in SF paying a few grand in property taxes is close to zero and I'm probably being generous with that guess
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If you want to see cashed out home equity in action spin through Redwood City. modest houses enormously inflated, all with at least three 60k+ cars in the driveway, Audi’s, BMWs, Mercedes and fancy trucks. if you talk to them, most aren’t in tech just reaping the benefits.
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A lot of folks did so in the years prior to 2008...how'd that turn out?
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and a HELOC specifically doesn't help someone on low income, you have to be able to make the interest payments. I'm with you in general, this is not a solution though.
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Right - and you have to live somewhere - so it isn't a feasible solution for many people.
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