There are young people in Pacific Grove?
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probably zoned out by people who bought in the 1970s and pay capped property taxes.
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The unfairness of property taxes doesn't help city budgets .. for my house I pay $6600/yr, the previous owner paid $1400/yr .. my next door neighbor, exact same house, they boughy 6 months after us, pay $8400/yr, the previous owner paid $4000/yr
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It seems over last 50 years CA has a significant downturn every 10-15 years: mid-60's (mostly in SoCal?), mid-70's (rampant inflation leading to >10% Gov Bond int rates; late 80's-mid-90's (housing/S&Ls); 2008-12 (housing/CDOs). What's different now is unfunded pensions. Wowsers.
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We'll note for the record that at least three California cities do not offer pensions to their employees, but instead 401-style defined contribution plans: Lafayette, Danville, & Orinda. It can be done.
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What did people think was going to happen? You elect incompetents that think (rightly) that the way to reelection is to use our money to buy the votes of the unions that vote enmass for this kind of policy. Roosevelt was against government unions.
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