I thought California was trying to do something hard with #SB50, which would add millions of units of capacity to the state’s housing stock at basically no cost to taxpayers, and then I read this. God speed, NYC.https://twitter.com/emmagf/status/1223677602541506560 …
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SB50 state revaluation of land for development is quite different from property tax reform on existing home/building owners.
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California land is pretty much always reverse filtering upward regardless of whether you try to reduce per unit land costs or not through zoning
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but if you price me out of my co-op where will I shelter all my little taxes?
Thanks. Twitter will use this to make your timeline better. UndoUndo
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They’ll never get it passed without some kind of grandfathering. People budget for property taxes in monthly expenditures when they buy. A significant change to the formula of assessed value that leads to huge new tax bills is going to tie the city up in lawsuits for years.
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Especially closely following on Trump’s tax plan, which screwed NYers out of their prior level of state tax deductions and increased bills for middle class there (which is upper class nationally when not cost of living adjusted)
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