Silicon Valley's housing crisis, in one sentence

Re:Silicon Valley's housing crisis, in one sentence by johan_larson on Tuesday June 07, 2016 @07:48PM (#11858980)

> Really curious to see what happens in the long game as the families who inherit homes that were locked into old tax levels are forced to sell as they can't pass them on to a second generation without the tax rate resetting.

That game has already been played. Transfers between generations do not cause reassessment.

http://www.boe.ca.gov/proptaxes/faqs/propositions58.htm#1

Congratulations, California voters. You made bad into worse.

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Re:Silicon Valley's housing crisis, in one sentence by shostack on Tuesday June 07, 2016 @08:59PM (#11859273)

Wow, that's crazy. I knew there was an exclusion of reassessment for initial transfer between parents and children (or grandparents and grandchildren in the event of deceased parents) but I didn't realize it just continued in perpetuity down the generational line. My original understanding was that the home could be transferred without triggering the reset in this manner once, and then subsequent times caused a reset.

Bad into worse just about sums it up. If it wasn't for Prop 58 and 193 you'd expect that eventually, decades from now once the majority were reset, that Prop 13 would have a chance of being struck down, but this just ensures that future generations have every incentive to keep homes in the family.

Thanks for sharing the link.

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Re:Silicon Valley's housing crisis, in one sentence by hx87 on Wednesday June 08, 2016 @12:39AM (#11860064)

Strategic marriages just got a whole lot more attractive in California.

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Re:Silicon Valley's housing crisis, in one sentence by johan_larson on Wednesday June 08, 2016 @05:17AM (#11860983)

"She's got huge ... tracts of land!"

https://www.youtube.com/watch?v=GPX-mW4l1rU

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