California real estate is an especially good place to park cash, because of its property tax & zoning laws.
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Not everything relates to your prop 13 vendetta. They invest here because they know rents and values will only increase - and security
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Domg. When you have capped taxes forever and capture virtually all gains, it becomes a great place to park, speculate w capital
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property taxes can and often do go up 2% per year. plus there are other tax add ons - school bonds etc. R property taxes tripled in 20 yrs.
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Yes but people who bought new are subsidizing your comparatively low tax rates.
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Kim_Mai - stop using charged words to imply selfishness. It's your enemy-making that really bothers me. It's not useful or helpful.
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Replying to @marymcnamara @kimmaicutler and
And we paid lots more than folks who came b4 us & the folks who buy 10 yrs frm now will pay more than those who buy now. Prop 13 is popular
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If you don't want to understand your contribution or participation in the massive affordability crisis we're in, that's fine. But we're not
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Replying to @kimmaicutler @marymcnamara and
Going to get to a solution unless people come to a very different understanding of housing as an asset v shelter. And it would require
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Replying to @kimmaicutler @marymcnamara and
Changing systems that affect properties across the board (new and existing) rather than assuming new construction can pay for all affordable
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That people want while their real estate assets keep going up in value
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