Waiting for @kimmaicutler in 3-2-1... Despite Prop 13, CA property tax revenue has soared https://calmatters.org/articles/despite-proposition-13-california-property-tax-revenue-soared/ … via @DanCALmatters
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Capping prop tax makes real estate an even more wildly lucrative investment, so people park more money into it upfront. Unearned land
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Increment gets absorbed by entities who bought in first and gets taken away from public/civic opportunities.
End of conversation
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Yep—Prop13 not drag on tax $. Issues: 1) epic generational unfairness 2) pressure not to build -> housing shortage -> affordability crisis
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