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The market is also skewed in their favor as the article point out by keeping property taxes really low for long time owners: "Property-tax exemptions for longt
by nkassis 9y ago
The market is also skewed in their favor as the article point out by keeping property taxes really low for long time owners:
"Property-tax exemptions for longtime residents keep older Americans from moving. Zoning rules make it harder to build affordable apartments attractive to senior citizens."
Ex: "Under the almost-40-year-old ballot measure Proposition 13, they are tied to the property’s value when the house was purchased in the 1970s."
It's debatable if they should be pushed out of their homes due to property taxes but probably needs to be balanced with the impact on the overall market and availability of housing.