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Proposition 13 caps the rate at which property taxes may increase. Unless a huge proportion of SF properties are being transferred (outside of a family), proper
by thephyber 10y ago
Proposition 13 caps the rate at which property taxes may increase. Unless a huge proportion of SF properties are being transferred (outside of a family), property taxes don't keep up with market rates.
San Francisco has notoriously strong NIMBYs that largely prevent new developments and redevelopments, which also suppresses tax base improvements.
- shostack 10y agoAdded fun... New home owning families pay massively disproportionate taxes than those who owned a long time, despite probably not getting anywhere near the same benefit of those tax dollars.