5 ms·

"Don't worry millenials! You didn't really want a house anyway, it's a terrible idea! Keep paying those student loan payments and renting!" -- Retired boomer wi

"Don't worry millenials! You didn't really want a house anyway, it's a terrible idea! Keep paying those student loan payments and renting!" -- Retired boomer with $1MM+ equity in their suburban California home purchased in 1975 for $10k.

david-gpu 8y ago
HN guidelines discourage these sort of shallow dismissive comments. Reading a constructive rebuttal would be more interesting.
- mancerayder 8y ago
  While snarky, he made a point about material interest differences between two generations.
mixmastamyk 8y ago
^Nimby boomer.
Terr_ 8y ago
To be fair, it's hard to say that trying to follow the exact same trajectory today would lead you to the exact same place in 2061.
0x00000000 8y ago
*with 1975 property tax locked in thanks to prop 13
- Overtonwindow 8y ago
  Is that accurate? Property taxes can change
  - jurassic 8y ago
    Property taxes are locked to the purchase price of the home in California because of a law called Proposition 13. It's a been major contributor to the housing crisis but is extremely popular with everyone who currently owns property. It lets owners benefit from appreciation of their property without any increase in their tax liability while newer (and often younger) buyers must pay taxes based on the current absurd home prices.
  - wl78393 8y ago
    Yes, with rare exceptions Prop 13 means you get your property tax assessment locked in when you purchase. The major way to trigger re-assessment is to pull a permit for construction/improvements, which is why unpermitted remodels/additions are so rampant in California.
  - deleted 8y ago
    [deleted]
- briandear 8y ago
  That is so true and one of the major reasons SV real estate is such a tight market. Those tax rate freezes essentially eliminate a good portion of liquidity normally present in a market.
DrScump 8y ago
suburban California home purchased in 1975 for $10k Where? About the cheapest you could do in San Jose then was $21K for a 1400sf condo from Singer Housing (the budget developer of the era). I grew up in one.

david-gpu 8y ago

HN guidelines discourage these sort of shallow dismissive comments. Reading a constructive rebuttal would be more interesting.

mancerayder 8y ago
While snarky, he made a point about material interest differences between two generations.

mixmastamyk 8y ago

^Nimby boomer.

Terr_ 8y ago

To be fair, it's hard to say that trying to follow the exact same trajectory today would lead you to the exact same place in 2061.

0x00000000 8y ago

*with 1975 property tax locked in thanks to prop 13

Overtonwindow 8y ago
Is that accurate? Property taxes can change
- jurassic 8y ago
  Property taxes are locked to the purchase price of the home in California because of a law called Proposition 13. It's a been major contributor to the housing crisis but is extremely popular with everyone who currently owns property. It lets owners benefit from appreciation of their property without any increase in their tax liability while newer (and often younger) buyers must pay taxes based on the current absurd home prices.
- wl78393 8y ago
  Yes, with rare exceptions Prop 13 means you get your property tax assessment locked in when you purchase. The major way to trigger re-assessment is to pull a permit for construction/improvements, which is why unpermitted remodels/additions are so rampant in California.
- deleted 8y ago
  [deleted]
briandear 8y ago
That is so true and one of the major reasons SV real estate is such a tight market. Those tax rate freezes essentially eliminate a good portion of liquidity normally present in a market.

DrScump 8y ago

suburban California home purchased in 1975 for $10k Where? About the cheapest you could do in San Jose then was $21K for a 1400sf condo from Singer Housing (the budget developer of the era). I grew up in one.