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Long story short: people that own single family homes in SF are winning the most because of the massive gains in value and we don't have to pay increased proper
by sawthat 11y ago
Long story short: people that own single family homes in SF are winning the most because of the massive gains in value and we don't have to pay increased property taxes because of proposition 13. Basically anyone who currently owns property in SF is a "winner" and that includes the many small time property owners that own the 2-6 unit buildings that dominate the city. The rent money is flowing to those people. Who probably are mostly local.
- ryandrake 11y agoLocal and elderly. Prop 13 is basically wealth transfer from the young/newcomers to the old-timers.
- philsnow 11y agothe new new california gold rush already happened; it ended when all the bay area real estate was bought up
- aianus 11y ago> proposition 13 Wow, had to look this up. That is one insane law.