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How so? Prop 13 protects home owners from eviction due to tax increases, but encourages new zoning and new development since property taxes get rebaselined to m
by stmfreak 9y ago
How so? Prop 13 protects home owners from eviction due to tax increases, but encourages new zoning and new development since property taxes get rebaselined to market on every sale. Also, despite the high costs, the housing market is still pretty liquid with people paying millions for a shot at home ownership, even though that comes with $15-45K in property taxes each year.
- surfmike 9y agoIt discourages people from downsizing as empty nesters. It discourages landlords from remodeling/improving their property. It allows long time landowners to sit on underutilized properties for a long time, as they wait for prices to go up even higher, instead of nudging them to redevelop sooner. The housing market has few properties on the market, which is part of a why prices are so high.