Land banking good - paces / defers the rapid destructive gentrification of the Mission. Mission has ground zero for cultural displacement.
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You are so blinded by your own tax entitlements and real estate equity. https://thenewinquiry.com/the-oakland-raiders/ …
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It would be interesting to look at what else they own and if they've borrowed against these. So many examples of this locally.
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@rsingel I've been wanting to do this kind of research on the house at the end of our block... - 1 more reply
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Even paying 1% prop tax on mkt value, land banking can pay off big if appreciation is well above 1%/yr as in CA. Happens all over US
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There is nothing in the article that explains the "land banking" position. Would you elaborate?
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+1- I've never understood how Prop13 causes this. Regardless of tax rate, why not rent out properties and make >10K/month?
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don't forget that rent-control and tenant's rights suits disincentivises putting these back in circulation.
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Makes no sense. CA prop tax escalates by 1% or more per year. They are not making any money on it. There has to be other things going on.
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There is still escalation in tax valuation every single year in CA, except in recessions.
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