SF's home values increased by $131 billion in 2015. We need to tax those capital gains, not make new housing construction infeasible.
how did you calculate $131B, just 380K units X % increase or what?
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SF 2015 total property assessment (residential + commercial) $191B, 6.5% increase from 2014 http://www.sfchronicle.com/business/networth/article/Homeowners-temporary-tax-reductions-are-going-6387311.php …
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or, alternate estimate: 380k units * $1.1M median price * 8% avg annual gain = $33B/yr
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it's a capital gain when it's an actual capital gain. Until then it's a hypothetical.
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but that's not to say we shouldn't tax the grain when it's realized.
End of conversation
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