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A comment on Newsom signs legislation to boost California’s housing supply.

Re:Newsom signs legislation to boost California’s housing su... by ufhghfggf on Thursday September 16, 2021 @10:41PM (#28560642)
This will do nothing. CA has a low median property tax rate[1] of 0.74%, which allows rich elites and foreign speculators to buy empty lots of land and let them sit unused for decades while waiting for them to go up in value. This low property tax rate allows rich rent-seekers to buy up properties and then rent them out to people who can't get the big loans the landed aristocracy can. So we now have a record number of young people living with their parents, especially in expensive places like CA. Newsom is rich, as are his donors, as is Nancy Pelosi, and they have no interest in raising the property taxes of the mansions they live in and their investment properties they don't live in.

[1] http://www.tax-rates.org/taxtables/property-tax-by-state

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Re:Newsom signs legislation to boost California’s housing su... by reducesuffering on Friday September 17, 2021 @12:50AM (#28561345)
> as is Nancy Pelosi

I find it odd that people who are working until they are past 80 are accused of doing so just to enrich themselves. Pelosi has what 8 years left alive on average, and is spending all her time still working and influencing politics so that she goes to the grave with ~2% more money? Does that sound right to you?

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Re:Newsom signs legislation to boost California’s housing su... by bradlys on Friday September 17, 2021 @12:58PM (#28567809)
Yet Pelosi isn’t training any replacements to take over for her. Pelosi could still be working to enrich herself and for the power trip and fame. It’s not like people only have one simple motivation when they are in Congress.

Pelosi is a neoliberal ghoul as much as anyone on the right side of Congress. She has no interest but in herself. She will continue to act in her best interests as she always has. (This isn’t much different of almost anyone in Congress - but worth mentioning anyway)

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Re:Newsom signs legislation to boost California’s housing su... by ufhghfggf on Friday September 17, 2021 @06:11PM (#28571477)
How much of her $100M+ fortune has she donated to charity? Almost none that I can see. Bill Gates and Warren Buffett have committed to giving nearly all their billions to charity but Paul and Nancy Pelosi are using their $100M+ to establish multi-generational trust fund wealth for their children and family.
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Re:Newsom signs legislation to boost California’s housing su... by azernik on Saturday September 18, 2021 @11:21PM (#28581406)
Where are you seeing these empty unused lots of land?
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Re:Newsom signs legislation to boost California’s housing su... by gamesetmath on Monday September 20, 2021 @05:09PM (#28599044)
downtown LA has as many unused/vacated units as the number of homeless.
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Re:Newsom signs legislation to boost California’s housing su... by azernik on Wednesday September 22, 2021 @02:22PM (#28619845)
That is the normal frictional vacancy rate, and is mostly temporary. It's also not a problem of buying and holding empty land; by definition, vacancies are on built-up lots, and they generally spike when construction is finished (takes time to rent/sell all the apartments in a new building).

https://la.curbed.com/2020/3/5/21079171/los-angeles-vacancy-...

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