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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Replying to @kimmaicutler @marymcnamara and
School bonds and parcel taxes proliferate in pt bc the base property tax doesn't support the schools, infrastructure
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actually no - add ons proliferate because of pension costs.
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"Next to the shrunken property tax bill on Prop 13's trophy shelf sits a gold-plated public pension." https://books.google.it/books?id=Y0GwjbFf_88C&pg=PA54&lpg=PA54&dq=gold+plated+proposition+13+pension+california+crackup&source=bl&ots=T8mbhbi6-s&sig=GdMZfUO1_jm_ttajyX1zNiwe43o&hl=en&sa=X&ved=0ahUKEwjhxNOYi5nVAhUkL8AKHf-BANUQ6AEIHDAA#v=onepage&q=gold%20plated%20proposition%2013%20pension%20california%20crackup&f=false …
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Did I not earlier say "vendetta" and "ageism" war - QED
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When people who are young pay 10X the property tax as older people who have the same property and when you are left with $300B in state
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Pension liabilities, and the only way they can be paid for is by cutting current and future services, schools, higher ed then you tell me
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