The Bay Area is a battle between platform capitalists vs. neo-feudal property owners with generationally inheritable low property tax rateshttps://twitter.com/sama/status/889185753346875393 …
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Replying to @kimmaicutler @sarahkunst
Family home inheritors are least of Bay area aspiring property owners' worries
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Replying to @_mbdr_ @sarahkunst
they are actually kind of a big deal. It is currently at least $1.5B in foregone tax revenue/yr and likely to grow. http://www.lao.ca.gov/Publications/Report/3693 …
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Replying to @kimmaicutler @sarahkunst
That didn't distinguish between family home and other property transfers. I tried to get tax or turnover loss from rentals but couldn't
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This article sites 9billion in yearly loss from commercial property taxes thoughhttps://www.paloaltoonline.com/news/2015/06/13/guest-opinion-closing-the-prop-13-corporate-loophole …
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Meaning that 1.5 might be a big number, but there are bigger losses that could be rectified w/o affecting people on fixed incomes
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The 1.5 billion isn't predominantly seniors. It's literally people bequeathing their kids multimillion dollar properties at 80s tax rates.
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