Re:Liberalizing Land Use Regulations: The Case of Houston (2...
by epistasis on Tuesday May 04, 2021 @01:27AM
(#27034329)
Property value have doubled in Portland in the past 10 years, from a median of $250k [1] in 2010 to $500k [2] in 2020.
Whatever small pain home owners feel from this, it's absolutely nothing, nothing, compared to the pain of renters. If you bought in 2010, and property taxes were 20% of your housing cost, and increased to 40% of your housing cost, your total housing costs only increased 20%, plus your home doubled in value, dwarfing any cost from an increase in taxes. In contrast, renters' housing costs increased 100%, and they saw zero equity gain.
Complaints about property tax should not be even entertained, IMHO, until there is a more fair way of distributing the massive economic gains that property owners enjoy through rentierism. If their gains were due to their labor, fine, but their gains are not, it's only through the suffering of others. It's from creating a zero sum gain where the homeowners profit and those with less starting money pay for it, regardless of who was more productive.
Whatever small pain home owners feel from this, it's absolutely nothing, nothing, compared to the pain of renters. If you bought in 2010, and property taxes were 20% of your housing cost, and increased to 40% of your housing cost, your total housing costs only increased 20%, plus your home doubled in value, dwarfing any cost from an increase in taxes. In contrast, renters' housing costs increased 100%, and they saw zero equity gain.
Complaints about property tax should not be even entertained, IMHO, until there is a more fair way of distributing the massive economic gains that property owners enjoy through rentierism. If their gains were due to their labor, fine, but their gains are not, it's only through the suffering of others. It's from creating a zero sum gain where the homeowners profit and those with less starting money pay for it, regardless of who was more productive.
[1] https://www.oregonlive.com/business/2010/01/portland_home_pr...
[2] https://www.oregonlive.com/realestate/2020/11/portland-homes...