Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

Re:Bay Area hammered by loss of jobs: Lack of affordable hou... by r00fus on Monday October 23, 2017 @01:42PM (#15535155)

That's why the Dems have been courting "split-roll" for a long time, to prevent the corporate abuses of Prop 13 - which can bee pretty powerful, but keep the homeowner version.

Here's how a corporate Prop13 exploit goes: first identify land you want to own that's owned by another corporation. Make a private agreement to buy the property. Over time, replace board of directors of property-owning corp with folks from buying corporation. Eventually you have full control of old corporation, with old tax rates. This happened with Ernst & Julio Gallo for millions of acres of arable vineyards.

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Re:Bay Area hammered by loss of jobs: Lack of affordable hou... by LeifCarrotson on Monday October 23, 2017 @01:56PM (#15535321)

This happens all the time with private LLCs and S-corps that do nothing but own boats, planes, equipment, or other stuff where sales or use tax is supposed to be paid on transfers.

You don't sell the boat, you sell the LLC that happens to own the boat. And when buying a business entity or business interest, you don't pay sales tax. The boat was always owned by the same LLC, it never changed hands - it was the business that changed hands.

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