4 ms·
Read up on Prop 13 a bit. That’ll explain it.
by abritinthebay 9y ago
Read up on Prop 13 a bit. That’ll explain it.
- oldsklgdfth 9y agoRelated to prop 13 that is also how golf courses in cali metro areas are able to exist, despite taking up huge swaths of land and having very few members. There was a revisionist history episode on it: http://revisionisthistory.com/episodes/11-a-good-walk-spoiled http://revisionisthistory.com/episodes/11-a-good-walk-spoile...
- CalChris 9y agoThat’s because Prop 13 applies to commercial real estate as well because corporations are people too.
- taysic 9y agoWow. That makes sense. That explains why so many seemingly infrequently visited businesses still have storefronts in Berkeley. I always wonder how they stay in business. I thought perhaps commercial rent control.
- CalChris 9y agoMoes owns its building. Black Oak Books didn’t. If Prop 13 wreaks havoc on housing, it’s much worse on commercial RE where it literally it spawns a class of rent seekers.
- abritinthebay 9y agoFun fact about those golf courses: Remember when everyone was freaking out about Nestle using millions of gallons of CA water during the drought? Turns out they used the same amount as one large golf course.
- gnarcoregrizz 9y agoprop 13 is insane. heirs are even able to inherit their parents or grandparent's tax rate (prop 58/193). i was renting a ~$600k property, where the owner was paying $600/year in tax, and the last valuation was $60k... she actually bought the property for $150k, so I think she transfered the property tax rate from a different house (you can do that if you're 55 and older). ca's overall effective property tax rate is something like .8%, so the remaining .2% is basically subsidized by newcomers, some of who pay much more than their neighbors.