Story of Bay Area cities, and their totally messed up tax system that incentivizes this behavior. https://twitter.com/Atrios/status/905913288822837248 …
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Thanks, I was googling how San Jose lost money on new residential and that was one of the main reasons.
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The hypothesis I want to disprove is that local govt finance people are looking at aggregates (old+new) and making wrong projections on new.
End of conversation
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