Interesting that the estimated $235M in increased rents to tenants from bringing in 20K tech workers to San Jose is almost as much as the $339M/yr the city spends on unfunded pension liabilities for former employees who no longer work there. https://sanjosespotlight.com/san-jose-pension-plans-unfunded-liability-expected-to-soar/ …https://twitter.com/wpusanews/status/1138861019307040770 …
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1:24Show this thread -
Almost like the Bay Area is structurally incentivized to balance its books (between retirement obligations that were never transparently budgeted for in the 1st place & capped, inheritable property tax assessments) on the backs of tenants & young people
https://www.eastbayexpress.com/oakland/oaklands-budget-battle-heats-up/Content?oid=26586639 …pic.twitter.com/4ux4gEoAXf
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Replying to @kimmaicutler
Would property taxes in Oakland be enough to compensate for the necessities of a growing public sector, population and its pension obligations? Oaklands big problem seems to be its lack of companies to tax.
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Replying to @eastbayrob @kimmaicutler
Oakland could leverage more from residential property taxes but up until recently how many high value properties were there to tax? And is a city recovering from decades of blight comfortable jacking property taxes up?
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Replying to @IDoTheThinking @eastbayrob
property taxes.... are correlated with higher property values... which imply less affordable housing...
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Replying to @kimmaicutler @eastbayrob
But theres a lot of low income residents in Oakland who now live in these overvalued homes
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If the region built sufficient housing im doubtful those property values would be as high as they are
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*per unit. But overall, property tax revenues might be higher.
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