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There was a proposal in Chicago to put a cap on how quickly your taxes could go up relative to what you originally paid for your house. The motive was explicitl

There was a proposal in Chicago to put a cap on how quickly your taxes could go up relative to what you originally paid for your house. The motive was explicitly to protect homeowners in rapidly gentrifying neighborhoods. I assume there would be limited capacity for abuse just so long as the break only applies to your primary residence.

pcwalton 8y ago
That's Prop 13, and it's one of the worst public policies in the United States. The tax break wouldn't be so bad if it only applied to primary residence, was means-tested, and couldn't be passed down to children. Regardless, though, homeowners tend to be more well-off than tenants; they shouldn't be receiving tax breaks in the first place.
klipt 8y ago
California did that 40 years ago and just look at how affordable California housing is now. Also public schools' ratings have tanked due to shrinking property tax revenue. Prop 13 empowers NIMBYs to vote to kill new construction, strangling supply and pushing prices up, without facing any of the consequences of those rising prices.