Home for sale in Oakland. Listing price is $849k (will likely sell for > $900k). Assessed value is $64k. That’s a $10k per year subsidy for the homeowner. Prop 13 makes me wish I had bought a house... before I was born.pic.twitter.com/x5XUFpf7uf
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It's a huge problem with no simple solution. Should a family who bought a home 5 years ago have to pay 2-3x the taxes while their income is steady and they haven't sold?
Other side of the original sin coin is the collective bargaining power of professional public employees that can represent themselves. See looming pension crisisfor another example of selling future generations down the drain
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