if you wanted the Japanese system, you would have to reform Prop. 13 to create a land value capture mechanic & remove local control.
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Replying to @kimmaicutler @sf4sfsite
Phil was not saying adopt Japanese system wholesale, but idea of high speed rail to outlying areas might be something to consider.
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Replying to @marymcnamara @kimmaicutler
Yes - would provide access to job centers from more affordable locations
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Replying to @sf4sfsite @marymcnamara
OK, great. Help us reform Prop. 13 so you can tax yourself more.
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Replying to @kimmaicutler @marymcnamara
I'll pay more income tax. Prop 13 is a political 3rd rail.
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Replying to @sf4sfsite @marymcnamara
you can't solve the housing affordability crisis through income tax. figure below is 70% of CA's entire budget. http://www.bizjournals.com/sanfrancisco/blog/real-estate/2016/01/san-francisco-home-values-zillow.html …
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you can expand the EITC. You can do other things via income tax. But housing is a function of land values. And Prop. 13 juices land values.
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Replying to @kimmaicutler @marymcnamara
It overheated Tech economy that juices land values in Bay Area + developers and financiers exploiting that demand.
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Replying to @sf4sfsite @marymcnamara
then why is this a problem in Southern California? and LA? and all over the state?
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Replying to @kimmaicutler @marymcnamara
There is the underlying wage inequality and poor wage growth over long period that has not allowed most people to keep up with housing cost
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Kim-Mai Cutler Retweeted Harvard JCHS
sure, that's an important contributor. But so is the lack of production relative to population growth.https://twitter.com/Harvard_JCHS/status/875712108750671872 …
Kim-Mai Cutler added,
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Replying to @kimmaicutler @marymcnamara
So produce away - it's a big state - just bias to areas that can be built naturally affordable.
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Replying to @sf4sfsite @marymcnamara
OK, sprawl, destroy the environment, protect your real estate assets. Got it.
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