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A comment on How California Became America’s Housing Market Nightmare. Parent comment

Re:How California Became America’s Housing Market Nightmare by klipt on Wednesday November 06, 2019 @01:11PM (#21465199)
Of course prop 13 "seems" fair, that's how it got passed. But it has terrible consequences.

Adjusted for inflation, it makes taxes drop to 0 in the limit, which means there's no incentive for rich people to ever sell. Which means real estate becomes hoarded across generations by the wealthy class, which recreates the main feature of feudalism.

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Re:How California Became America’s Housing Market Nightmare by Merrill on Wednesday November 06, 2019 @01:20PM (#21465305)
Other disincentives to sell are fairly high realtor commissions and fees, as well as capital gains taxes on the amount over the exclusion, which isn't very high given CA prices.

Think of Prop 13 as "rent control" for homeowners.

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