It creates a built in incentive for NIMBYs to not block development, lest they feel the pain of increased 'rent' too. If the bay area built as many units at t

It creates a built in incentive for NIMBYs to not block development, lest they feel the pain of increased 'rent' too. If the bay area built as many units at the rate of texas or seattle for example, none of this would of been a big deal. Imagine old people viciously fighting for increased development lest their property tax bill goes up, unlike the opposite today at most city council meetings. The elderly drive most housing policy in many ways because they have the free time, general boredom and incentive to participate in the political process this way. Property tax is also almost never approaching %3. The range can be %0.5 to %2.5. A high property tax rate actually helps modulate the value of houses in a market since the price of housing is based on the monthly payment. This is what contributes to texas being a cheap housing state, since the high property tax prevents housing values from going up too quickly. Unoccupied properties also cause the supply to go down without a person or family inside it contributing to the local economy. Idle assets should be put to productive use, it's half the point of a property tax already.