Re:A Bay Area developer wants to build 4,400 homes where the...
by thephyber on Saturday July 29, 2017 @07:53PM
(#14883609)
It's fine to examine the negative effects of repeal, but you also have to consider the negative effects of not repealing.
Prop13 is a monster that will continue to exacerbate inequality. Families that owned homes in affluent areas pre-1970 will continue to pay artificially suppressed property tax rates in perpetuity, so long as they only transfer the house within their immediate family. In that way, Prop13 is a perverse incentive to suppress real estate transactions, which exacerbates the real estate issues we already have.
Prop13 is a monster that will continue to exacerbate inequality. Families that owned homes in affluent areas pre-1970 will continue to pay artificially suppressed property tax rates in perpetuity, so long as they only transfer the house within their immediate family. In that way, Prop13 is a perverse incentive to suppress real estate transactions, which exacerbates the real estate issues we already have.