To solve affordability crisis, Bay Area housing stock must grow 50% in 20 years

Re:To solve affordability crisis, Bay Area housing stock mus... by pound on Tuesday May 01, 2018 @05:03PM (#16971597)

That's correct, so I think the only chance we have is phased approach. Not repealing prop 13 as of now but start with excluding new homeowners from it (or at least increase limits on annual reassessments for them (from current no more than 2% a year)).

There is an idea of excluding commercial properties from Prop 13 too (I think they shouldn't have to be covered to begin with, the whole idea of prop 13 was to "keep that old lady in her house when she has retired and cannot keep up with raising expenses").

Also props 58 and 193 allow to inherit Prop 13 tax assessment by children and grandchildren (again against original idea of prop 13 to just help elderly with living in their places when retired) so Prop 13 expanded that way to became multi-generational.

We can consider excluding non-primary residences from it too.

[ Parent | on HN ]

Re:To solve affordability crisis, Bay Area housing stock mus... by s73v3r_ on Tuesday May 01, 2018 @06:38PM (#16972385)

"again against original idea of prop 13 to just help elderly with living in their places when retired"

But if that isn't the case, then wouldn't a home have to be sold to cover the tax increase? So you couldn't keep a home in the family, either.

[ Parent | on HN ]

Re:To solve affordability crisis, Bay Area housing stock mus... by pound on Tuesday May 01, 2018 @06:40PM (#16972406)

Is it a declared right to keep a home in the family?

Also why new homeowners not inheriting it are supposed to be paying property taxes in full?

[ Parent | on HN ]

Re:To solve affordability crisis, Bay Area housing stock mus... by pound on Tuesday May 01, 2018 @06:50PM (#16972476)

Also in this case if you want to help someone to keep property they cannot afford then maybe tax assessment reduction should be based on new owner's income level and not on a year deceased relatives bought place

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Re:To solve affordability crisis, Bay Area housing stock mus... by s73v3r_ on Tuesday May 01, 2018 @07:29PM (#16972714)

If we're against someone being priced out of their home by taxes, wouldn't we also be against homes being priced out of families by taxes too?

[ Parent | on HN ]

Re:To solve affordability crisis, Bay Area housing stock mus... by kelnos on Tuesday May 01, 2018 @09:13PM (#16973285)

Why? I'm totally fine with a measure that helps keep fixed-income residents in their homes when property taxes would otherwise eat them alive. I see no reason why we need to keep that property tax burden affordable when that resident passes away and the property goes to their heirs, who presumably already live somewhere else, paying taxes they can afford. If they can't cover the newly-assessed property tax on their relative's residence, then they should sell it and stay where they are.

[ Parent | on HN ]