Or maybe it causes bubbles, because you can park capital into scarce California real estate while basically having flat taxes forever? https://twitter.com/HJTA/status/793133595648856064 …
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Replying to @uscityplanner
"each dollar decrease in property taxes appeared to increase property values by about seven dollars" http://escholarship.org/uc/item/80t0102p#page-18 …
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Replying to @kimmaicutler @uscityplanner
it just shoved the burden onto the next generation of Californians while awarding land value increases to the boomers.
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Replying to @kimmaicutler @uscityplanner
that's not a bubble though. That's incorporating a tax law into the price.
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Replying to @lucaswiman @uscityplanner
it inhibits turnover which makes increasingly scarce supply more prone to bubbles. http://www.lao.ca.gov/Publications/Report/3497 …pic.twitter.com/oDU3clCLgF
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Replying to @kimmaicutler @uscityplanner
that's a mechanism that plausibly leads to bubbles. Lower tax leading to
prices is just net present value.1 reply 0 retweets 1 like
OK, shoulda been more specific.
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