California has very different property, land use rules than New York.
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Replying to @kimmaicutler
I grew up and lived in silicon valley most of my life.
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Replying to @macajemianuts
so did I. In most pts of the country, home price appreciation since the 1960s has been like a 10X. In PA, a 100X.
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Replying to @kimmaicutler @macajemianuts
Prop 13 creates a structure where the property owners financially benefit by deepening a shortage and causing affordability
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Replying to @kimmaicutler @macajemianuts
issues for everyone else. It's just a pass the buck structure, which is diff than most other pts of the country.
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Replying to @kimmaicutler
real estate is the most complex social issue there is. Time, money, people & society all meet in/over real estate.
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Replying to @macajemianuts
I understand that but CA has a system that tilts too heavily toward giving all returns, $$$ to land owners.
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Replying to @kimmaicutler
maybe. It also fosters innovation unlike anywhere that helps the world unlike anything ever in history. Be careful w/change.
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Replying to @macajemianuts
the real estate system is *not* adding to the situation. It is leaching off of it.
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Replying to @kimmaicutler
real estate adds by drawing people in to spend money. Govt incentives encourage taking the huge risk of owning real prop
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no it sucks more out of every paycheck into housing costs
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