The Silicon Valley peninsula is becoming a glorified retirement community with real estate equity for boomers propped up by proximity to corporate HQs who then export their workforce's housing needs to other parts of the Bay Area. https://twitter.com/ByRosenberg/status/959522693002412032 …
(For people who bought in later and are effectively subsidizing the low property tax rates of people who bought first.)
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Many people who bought previously are trapped, too. Not like they can sell their house they bought for $100K for $1M and then downsize to a $700,000 home.
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We also need to build and build and build. And we need sensible property tax structure to pay for the publix transit infrastructure to pay for a much more dense uraban area.
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Plus, the 1% tax is subject to Prop 13. What isn’t? School bonds, Mello-Roos, street lights/maintenance, reclamation district - You know, all the taxes and fees they tacked on to get around Prop 13.
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These vary by county and age of home but they’re out there. And many communities have homeowner association dues monthly tacked on. With whatever money you got left, you just take it to the pot shop to get some relief from the tax pain!

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