Re:Why Markets Boomed in a Year of Human Misery
by jfim on Saturday January 02, 2021 @02:59PM
(#25615922)
Some of the ballot initiatives have had deleterious effects on California.
Proposition 13 putting a yearly property tax increase cap means that people who have owned property for a long time are basically not paying their fair share of local taxes. That tax advantage can be passed from generation to generation. It also has the perverse incentive to encourage cities to increase commercial and industrial zoning over residential zoning, with the effects on property prices one can see today.
Proposition 47 meant that many crimes under a 950$ threshold were considered misdemeanors instead of felonies. This is one likely factor for the large increase in the amount of car break-ins and shoplifting in some areas, such as San Francisco.
Proposition 13 putting a yearly property tax increase cap means that people who have owned property for a long time are basically not paying their fair share of local taxes. That tax advantage can be passed from generation to generation. It also has the perverse incentive to encourage cities to increase commercial and industrial zoning over residential zoning, with the effects on property prices one can see today.
Proposition 47 meant that many crimes under a 950$ threshold were considered misdemeanors instead of felonies. This is one likely factor for the large increase in the amount of car break-ins and shoplifting in some areas, such as San Francisco.