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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In NYC, devs only get tax break if they do an affordable component, and base multifam rates are high. 1- thru 3-fam rates are very low, commercial rates are high. And w/in 1- thru 3-fam, gentrified/gentrifying neighborhoods pay super low rates, white flight areas pay high ones
(Basically, effective rates on 1- thru 3-fam houses are based on property values in ~1970, regardless of how many times the property has traded hands, hence low rates for areas that have gotten more desirable since the '70s and high rates for areas that have gotten less)
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