Uh, more like longtime property owning San Franciscans used a regressive tax subsidy to shift housing burden to young people & the poor.https://twitter.com/CurbedSF/status/804158085338001408 …
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property tax revenue from new housing is capped at lower than the cost of providing services like police, schools
owners basically get to capture all financial upside w/ capped taxes, so it incentivizes foreign capital to park here
If anything capping tax increases in existing properties should incentivize new developments...
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