"How did California get to a place where it tacks $75K onto the cost of a new home in the midst of a housing crisis?http://www.builderonline.com/building/regulation-policy/the-unintended-consequences-of-law_o …
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Replying to @EDCNP @benedictevans
not really socialist. More a landed aristocracy invoking a contradictory mix of tax aversion + soak the rich socialism
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Replying to @kimmaicutler @benedictevans
pretty much the take was taxes taxes taxes taxes
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Replying to @EDCNP @benedictevans
because they cut the property tax base in the late 1970s and passed rules requiring a 2/3s vote on new taxes so
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cities have to resort to all kinds of esoteric fees (particularly on new housing development) to pay for basic things
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Prop 13 was an experiment in socially engineering markets. No other state did it.
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all land markets are socially engineered. See Polanyi and "fictitious commodities."
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Replying to @kimmaicutler @johnsonbradleym and
land markets can't exist without some entity like the state enforcing clear property rights.
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Replying to @kimmaicutler @johnsonbradleym and
Prop. 13 merely awarded all land value increases to the incumbent land owners.
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which means you end up w/ situations like this http://sf.curbed.com/2016/10/13/13270364/richmond-sf-empty-lot … where the owner did nothing
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Replying to @kimmaicutler @johnsonbradleym and
to earn this return. Makes land (the primary input into housing) way more expensive than it should be
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Replying to @kimmaicutler
So glad to see people talking about this. An incredible story and important issue, with so much misunderstanding.
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