Also, CA has lower effective property tax rates but the highest income tax rates. Seattle has no income tax but property taxes aren't cappedpic.twitter.com/Uy0Qm1HatD
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Already an issue in CA. People can't move bc their assessment changes or they have to sell one to buy another & there's no inventory. But
if it's not something you can make 10-15% YOY in an upcycle, it also disincentivizes people from coming in & speculating.
If high house prices were due to speculators, rents wouldn't also skyrocket. Problem is restricted supply, fiddling with tax rates no help
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