4 ms·

It’s feudal because there are a number of people who own land and can extract an unusually high level of revenue from it purely because of who their parents wer

It’s feudal because there are a number of people who own land and can extract an unusually high level of revenue from it purely because of who their parents were. That someone can own inherited land, collect rent, and pay a mere pittance in property tax purely because of who their parents were is as close to an aristocracy as we get in America. It was never a requirement of feudalism that a land owner had 100% control over their land. Most feudal lords had a greater lord that expected tribute and support during war. In this metaphor land owners would be the lesser lords, not the king.

nitrogen 7y ago
Do inheritance loopholes apply to rental properties? I've seen the counterpoint sentiment in this thread described as "right to place". Some have a deep instinct to want to stay where they grew up and continue to build it. Maybe we should find a way to support that dream as well as the needs of people moving from outside to take advantage of the growth produced by their predecessors, instead of vilifying anybody who has something we want. Otherwise you end up with an entirely transient population with little sense of ownership, responsibility, or community.
- Kalium 7y ago
  > Do inheritance loopholes apply to rental properties? In California, it's all properties. Regardless of purpose. You can inherit dear old dad's office building and its tax assessment.
- TulliusCicero 7y ago
  As someone from the bay area, if you think the setup there leads to 'natives' being able to stick around for the long term, I have some bad news: it's literally the exact opposite of that. Out of my high school class, people who stuck around are actually somewhat uncommon. I mean, there's obviously still more there than any single other metro, but surprise surprise, most have moved somewhere much cheaper. With saner density/zoning regulations, rents would be low enough to where more would have been able to stick around. Instead, very few have. The current setup benefits homeowners who get in early. Their kids may well eventually benefit by inheriting that house, but in the meantime they've probably lived at least a few decades as adults elsewhere.

nitrogen 7y ago

Do inheritance loopholes apply to rental properties? I've seen the counterpoint sentiment in this thread described as "right to place". Some have a deep instinct to want to stay where they grew up and continue to build it. Maybe we should find a way to support that dream as well as the needs of people moving from outside to take advantage of the growth produced by their predecessors, instead of vilifying anybody who has something we want. Otherwise you end up with an entirely transient population with little sense of ownership, responsibility, or community.

Kalium 7y ago
> Do inheritance loopholes apply to rental properties? In California, it's all properties. Regardless of purpose. You can inherit dear old dad's office building and its tax assessment.
TulliusCicero 7y ago
As someone from the bay area, if you think the setup there leads to 'natives' being able to stick around for the long term, I have some bad news: it's literally the exact opposite of that. Out of my high school class, people who stuck around are actually somewhat uncommon. I mean, there's obviously still more there than any single other metro, but surprise surprise, most have moved somewhere much cheaper. With saner density/zoning regulations, rents would be low enough to where more would have been able to stick around. Instead, very few have. The current setup benefits homeowners who get in early. Their kids may well eventually benefit by inheriting that house, but in the meantime they've probably lived at least a few decades as adults elsewhere.