California's tax system through 1978's Prop. 13 incentivizes landbanking, or keeping land non- or under-utilized.https://twitter.com/sama/status/790954275689988096 …
the new units do not necessarily pay their own way in terms of public services.
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Is effective tax rate on new units low? Or the price of new units not high enough?
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no it's that units of housing require services like police, fire, schools at a level that office/retail doesn't.
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