“O, sorry, the property tax cap we gave ourselves got priced into more expensive housing, indebting you for the rest of your lives with 10X price-to-income ratios on housing. Now can you plz extend this tax break for us? We’ll leave, but we’ll bankrupt your schools. Kthxbye!”
https://twitter.com/joncoupal/status/1057689947719626752 …
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Replying to @kimmaicutler
(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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Replying to @RFrances2
Bay Area home prices were 4X incomes in the late 70s/early 80s so your ratio is off.
4:26 PM - 31 Oct 2018
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