Forget SB 827: Let's work to repeal Prop 13, vastly increase taxes on wealthy individuals and corporations who are benefitting from a massive transfer of public wealth at the federal level, and invest this money into providing safe, secure, decommodified housing for all.
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Replying to @DSA_LosAngeles
But what if the real estate developers’ institutional investors are ... public sector unions trying to achieve investment returns for public sector workers’ retirements?pic.twitter.com/dtlf61Y53E
5 replies 3 retweets 44 likes -
Replying to @kimmaicutler @DSA_LosAngeles
are you going Matt Bruenig on us now
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Replying to @olzhu @DSA_LosAngeles
I mean it’s actually a real thing that really happens right now. This developer can’t start his next entitled project because his primary LP
@CalPERS contractually wants a double digit return.https://www.bizjournals.com/sanfrancisco/news/2018/02/06/exclusive-costs-are-stalling-anew-soma-housing.html …2 replies 1 retweet 19 likes -
Replying to @kimmaicutler @olzhu and
Did I mention the part where the state has like $400 billion in unfunded pension liabilities because the funds haven’t made their abnormally high targets in more than a decade? https://siepr.stanford.edu/sites/default/files/publications/17-023_1.pdf …
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Replying to @kimmaicutler @olzhu and
(Which also happens to be the cost of universal health care in CA and roughly double the cost of providing BMR housing to all 1.7M low income rent burdened households in the state).
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Replying to @kimmaicutler @olzhu and
(Disclaimer: This is not an argument to cut pensions btw, just to point out that there are real trade offs and also that the public and private sector interact in unexpected ways that most ideologues on all sides don’t seem to really grasp.)
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Replying to @kimmaicutler @olzhu and
Am I wrong to view back-loading compensation in the form of generous pensions (that depend riskily upon market growth) a form of generational wealth transfer? These workers provided services many years ago, but new residents will likely pay their pensions now.
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Replying to @bufordsharkley @olzhu and
Since it basically destroys the compensation we can offer future public sector workers because their backs are the ones we’re gonna fix this on, probably yes.
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Replying to @kimmaicutler @bufordsharkley and
Oh sorry misinterpreted your statement. I don’t see it as generational wealth transfer if current taxpayers are paying for retirees. That’s just how these systems work. But I do it see it as transfer if we can’t offer future teachers, public servants
3 replies 0 retweets 8 likes
Great salaries, benefits or retirements because we didn’t adequately fund Boomer public pensions.
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Replying to @kimmaicutler @bufordsharkley and
Right--at least in IL, the wealth transfer isn't the pensions per se but the debt earlier legislatures voluntarily accrued on the pensions
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