it's an ouroboros right now. Even if people wanted to downsize, there's no inventory & they'd pay taxes at a higher rate on their new house.
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this plus rising rates is why inventory is like half of what it was a few years ago: https://www.nytimes.com/2017/05/14/business/economy/home-ownership-turnover.html?mcubz=0&_r=0 …
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and it would be dumb for seniors to rent in CA. mostly no rent control in a crazy supply constrained mkt & tiny fixed incomes.
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It doesn't even cost them nothing. They can earn 10-15% appreciation a year. Or they double their asset value every cycle basically
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Some guy who lived in SF said that oncepic.twitter.com/8C4lFoyMLu
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Also IJ is usually hot garbage.
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what is the proposed solution for property taxes? plenty of people whose homes rose in value didn't have proportionate salary increases.
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in NYC a renovation triggers a reassessment, otherwise it is fixed increase per year...which seems reasonable. what do they do out here?
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every fucking time.
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"While I appreciate the cognitive view" is probably a terrible way to start any viewpoint. It's like "I don't mean to be offensive but"
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Like a lofter, more college educated way of making the same asinine argument.
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