5 ms·
> Cities do not want apartments because that doesn't generate revenue Solved: https://www.investopedia.com/terms/l/land-value-tax.asp https://www.investopedia
by markdown 7y ago
> Cities do not want apartments because that doesn't generate revenue
Solved:
https://www.investopedia.com/terms/l/land-value-tax.asp https://www.investopedia.com/terms/l/land-value-tax.asp
- mktmkr 7y agoI think everyone agrees that if it were practical to amend the California tax system then we would just do that.
- DrScump 7y agoEither the Legislature or an initiative petition drive could put whatever property tax changes you like onto the ballot. Then, you just need a simple majority vote. That's what Proposition 13 was in the first place. For example, you could exclude commercial property from Prop 13 protections altogether.
- mktmkr 7y agoYes, there is already a "split roll" initiative on the 2020 ballot. But I guess my point is tautological: those things which are not impossible are being attempted; most of the things are considered impossible.
- kuang_eleven 7y agoLand value tax does not solve this issue. The vast, vast majority of property value in the impacted areas of California is land value, nothing would change.
- deleted 7y ago[deleted]
- markdown 7y agoAre you sure you understand land value taxes? If land is taxed based on value, many homeowners would be forced to sell or replace their houses with apartment blocks that can earn enough revenue to pay the land value taxes.
- bobthepanda 7y agoFor this to even be remotely viable you also probably want to touch the third rail of Prop 13.
- JMTQp8lwXL 7y agoOne day, Prop 13 will not be third rail of politics mostly because home ownership has plummeted among young people, and the older generation is dying off. Younger people are more likely to be renters and get 0 benefit from Prop 13.
- bobthepanda 7y agoWe are two whole generations of people into Prop 13. And guess what? Support for it largely stays the same because people still age into their homes, or people pass their homes down to their children who also benefit. Young people are less likely to vote and more able to move to states with better CoL as well.