this is a pretty strawman version of YIMBYism in practice
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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Cities love office space, bc you get tax revenue but don't have to pay for services like schools/fire/police for residents. This is why San Jose is working with Google to bring 20,000 jobs downtown, why the Central SOMA plan might have 40K jobs but only 7K housing units.
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