(Roughly guessing for SF) 1980: 80% AMI dual income= $75K x 4 = $300K house price 2018: 80% AMI dual income= $300K x 5 = $1,500K The ratio is up, but maybe not so dramatically. Also, faster planes & worldwide Intl Airports make it much easier for wealthy to buy CA pied-à-terres.
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Bay Area home prices were 4X incomes in the late 70s/early 80s so your ratio is off.
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If you restrict supply all this stuff just gets added to the price, prop 13 protections, mortgage interest deduction, low-income buyer programs, etc
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I mean even if you don't. Even in a healthy housing market property tax lowers house prices and the MID increases the sticker cost of houses.
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To put that in perspective... A career for educated college grads is 40-45 years. Taxes are 16-18 at Bay Area incomes. 24-27 10x income is actually 20 years of income because mortgage. So a house in the Bay Area is 70-80% of take-home income. Hope you didn't like saving!
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SNARK
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Serious question - I get how prop 5 is horrible for tax revenues across the state but unsure of the specific reason why it’d rank local school revenues. Where can I find more on that?
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If someone moves into an area of lower cost, they actually get their tax basis lowered. So it allows someone to buy a 500k house in Fresno but pay taxes as if it's <100k
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