this is a pretty strawman version of YIMBYism in practice
the Bay Area used to produce a lot of housing in the mid-20th century. it was an upward engine of mobility for people moving from the rest of the US. But this stopped in the 1970s as the flatlands were built out & neighborhoods organized to downzone.pic.twitter.com/s4Vt2tc9TU
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then homevoters chose to cap their own property taxes through Proposition 13 in 1978, and then this tax benefit effectively got priced into value the of real estate. (It's also inheritable). http://lao.ca.gov/Publications/Report/3497 …
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it altered municipal finance too. So cities make more net tax revenue by approving office space, rather than housing.http://www.latimes.com/politics/la-pol-ca-small-city-controls-big-housing-project-20170728-story.html …
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