4 ms·
It is not about using taxes to push people out. The feudal nature of Prop 13 is a problem, but people eventually leave anyway. Once the owner leaves, the new ow
by Decade 7y ago
It is not about using taxes to push people out. The feudal nature of Prop 13 is a problem, but people eventually leave anyway. Once the owner leaves, the new owner should be able to bring it to its full potential by building apartments and condos. In most of the country, including the vast majority of the land in every city in California, this is illegal. The only way to maximize the value of the land is to turn it into luxury housing.
Prop 13 is a blunt instrument that rewards speculators more than it protects homeowners. What would be a much better system is some sort of forbearance, that the owner does not have to pay the full property tax until the property is sold, and then the back taxes are paid from the profits.
Immortal entities like corporations should not have Prop 13 protection.