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 @macajemianuts
system probably would've broken down earlier if the industry's income/capital gains tax revenue weren't holding up the state
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Replying to @kimmaicutler
and what? NY taxes are so high few can buy property.
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Replying to @macajemianuts
property taxes are so low in CA that they got priced into higher property values that now no one can afford
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Replying to @kimmaicutler
yes. People bought cheap & prices exploded. Taxes lag or people lose houses. Plus few new bldgs=high rent. Catch22++.
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few new buildings bc voters have no incentive (actually a financial disincentive) to add more housing bc of CA tax structure
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Replying to @kimmaicutler
not building is crazy. More people equals more innovation. The gold in Cali is of the mind. More Eve/Steve Jobs please!
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