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Why is a relief valve for tech workers more important than the people you would be displacing? I agree that, on average, prop 13 should go. But you cannot do
by sbov 10y ago
Why is a relief valve for tech workers more important than the people you would be displacing?
I agree that, on average, prop 13 should go. But you cannot do it overnight. It would likely cause an over correction and a ton of other problems - including having owners who could afford their house under the final price, but still having to sell since counties tend to be slow at lowering property taxes. We saw it during the housing crash, where some cities would outright refuse to reduce property tax bills.
If anything, there should be a gradual phase out. Or, let people keep their prop 13 status as long as they downgrade, and no prop 13 for those that "upgrade".
This would slowly phase out those who are in an advantageous position. It will be slower, but it seems like a fair compromise to correct the problem.