4 ms·

I was recently contemplating the hostility between tech workers and some SF residents who have lived here longer. Long-term residents blame tech workers for inc

I was recently contemplating the hostility between tech workers and some SF residents who have lived here longer. Long-term residents blame tech workers for increasing housing prices and resulting evictions, but high rent is detrimental to both groups. Then I considered the interest group who is coming out on top in all of this: SF property owners. The total value of all residential property in SF is probably well into the hundreds of billions (a few hundred thousand units, multiplied by a resale value probably approaching a million dollars per unit). That value is driven by scarcity. So you have a group protecting a half trillion dollar investment. Is it really so surprising that they have convinced long-term residents (most of whom still rent) and populist politicians to rally in favor of scarcity? Is anyone trying to organize a coalition of tech workers _and_ long-term residents against SF property interests?

raldi 11y ago
Yes, and they're doing a really good job: http://sfbarf.org http://sfbarf.org
rconti 11y ago
Prop 17 in CA magnifies the effect. When your property taxes can only go up by a small amount every year, there's literally no incentive for your property values to not go sky-high.
- vonmoltke 11y ago
  The critical flaw in Prop 17 is that it applies to nearly all properties. Florida did homestead protection right. The homestead protections there are nearly as strong as, if not stronger than, Prop 17; however, only owner-occupied residential properties qualify. I think it is ridiculous that someone can move out of their house or condo in SF, rent it out, and still reap the property tax benefits.
- amorphid 11y ago
  I'm pretty sure you mean Prop 13... https://en.wikipedia.org/wiki/California_Proposition_13_(1978) https://en.wikipedia.org/wiki/California_Proposition_13_(197... Prop 17 is something else entirely :) https://en.wikipedia.org/wiki/California_Proposition_17_(1972) https://en.wikipedia.org/wiki/California_Proposition_17_(197...

raldi 11y ago

Yes, and they're doing a really good job: http://sfbarf.org http://sfbarf.org

rconti 11y ago

Prop 17 in CA magnifies the effect. When your property taxes can only go up by a small amount every year, there's literally no incentive for your property values to not go sky-high.

vonmoltke 11y ago
The critical flaw in Prop 17 is that it applies to nearly all properties. Florida did homestead protection right. The homestead protections there are nearly as strong as, if not stronger than, Prop 17; however, only owner-occupied residential properties qualify. I think it is ridiculous that someone can move out of their house or condo in SF, rent it out, and still reap the property tax benefits.
amorphid 11y ago
I'm pretty sure you mean Prop 13... https://en.wikipedia.org/wiki/California_Proposition_13_(1978) https://en.wikipedia.org/wiki/California_Proposition_13_(197... Prop 17 is something else entirely :) https://en.wikipedia.org/wiki/California_Proposition_17_(1972) https://en.wikipedia.org/wiki/California_Proposition_17_(197...