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Prop 13 wasn't driven by homeowners, it was driven by property developers. Homeowners are just along for the ride. Untaxing land - as prop 13 did - is essentia
by crdoconnor 11y ago
Prop 13 wasn't driven by homeowners, it was driven by property developers. Homeowners are just along for the ride.
Untaxing land - as prop 13 did - is essentially just the privatization of the right to collect tax.
- mathattack 11y agoYes - rent seeking in both the economic and colloquial definition. :-)
- ryandrake 11y agoProp 13 is a blatant wealth transfer from the young, who have to pay taxes based on today's prices, to the old, who got in long ago and pay their taxes based on yesterday's prices.
- crdoconnor 11y agoIt's more of a wealth transfer from poor to rich than it is young to old.