It’s absurd that SF spends so much time arguing over the allocation of the ~2,000 we units we build a year while owners of the existing ~400K housing units generally see their assets appreciate by $130 *billion* a year. https://www.bizjournals.com/sanfrancisco/blog/real-estate/2016/01/san-francisco-home-values-zillow.html …https://twitter.com/emilymbadger/status/1155817124541206528 …
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That extra $130B in appreciation/year doesn’t reflect that that existing housing is becoming more productive or efficient at housing people. It’s just the same thing, but more expensive. Aggregate value of residential real estate in SF is now $1.6 trillionhttps://www.zillow.com/research/california-leads-housing-gains-22600/ …
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Every time existing housing gets more expensive, it means new renters have to pay more per month on leases or new buyers have to pay more per month on mortgages and the city has to spend more per month on rapid re-housing subsidies or land to build affordable housing.
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Against this backdrop of existing residential property owners seeing their assets appreciate by $100-130 billion a year, SF runs one $600 million affordable housing bond every five years to offset the impact for non-owning lower-income households? https://www.sfchronicle.com/bayarea/amp/SF-voters-to-decide-600-million-affordable-14084026.php …
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Anyway... Proooooop. 13 means the tax assessments on existing housing do not keep up with the costs of servicing residents with schools, fire and police so cities resort to a kludgy, ad-hoc process of extracting revenue from new housing and development. https://lao.ca.gov/Publications/Report/3497#Did_Proposition.A013_Increase_Fees_on_Developers.3F_ …
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Replying to @kimmaicutler
A major potential downside of repealing prop 13 now would be landlords passing the tax increases onto renters of older apartments and single family homes. Could lead to massive rent hikes and displacement. A statewide annual rent increase cap would need to be implemented first
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Replying to @SF_Transit_News @kimmaicutler
@kimmaicutler Have you heard of any talk to mitigate this? If my landlords annual property tax doubles from $12k to $24k, they are going to want to increase my rent by $1000/mo to maintain their profit margin. An example of how once a policy is in place, hard to ever repeal.2 replies 0 retweets 0 likes -
Replying to @SF_Transit_News @kimmaicutler
The most likely outcome of prop 13 repeal is that a lot of underutilized houses would be put up for sale, dropping housing prices in general.
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Replying to @murphstahoe @kimmaicutler
The discussion has mostly ignored single family home renters, a full repeal of prop 13 without enacting statewide rent control that applies to all single family home rentals would result in exacerbating the crisis of rent hikes and displacement
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1) I’ve been conscious of this reality since starting to discuss P13 years ago and have *never* advocated a straight repeal for this reason. 2) If that was on the table (which it is not), you could run leg in parallel that offers abatements based on RC or mod/lower income tenants
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3) Other Blue states that don’t have a P13 system aren’t quite the level of dystopia that we are and they have deferrals and exemptions based on income or whether a property owner is a senior, etc.
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Replying to @kimmaicutler @SF_Transit_News
Also consider this. Since the state is getting less receipts from property taxes but is still functioning - the deficit is made up on the backs of renters anyway, in the form of regressive sales taxes and broken schools
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