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This isn't a tax issue. The california govt has made it largely illegal to build new housing. If you restrict supply you get a shortage. You could say californ

• gamblor956 7y ago
  This is FUD. Within 10 blocks of where I live more than 30,000 new units are being constructed (or have finished construction) in a 3 year window. That doesn't include the dozen residential buildings of 100+ units I see on my daily commute, or the other dozens of buildings being built along public transportation routes in LA. Long Beach and San Diego have also experienced residential building sprees. The problem is that California is such a desirable place to live that even with all the undesirables leaving the state for the South, we still can't keep up with the growing demand for new housing.
  • graeme 7y ago
    I don't live in California. I live in a place with functional zoning laws and no parking minimums. These greatly restrict density in places like LA. This WSJ piece is instructive. Tokyo has seen flat housing prices despite population growth. The secret? Tokyo had a lot more housing starts than NYC or SF. Yes, california attracts new people. A sensible housing market would build more houses to build them. It is not clear how higher taxes would help, unless you think higher japanese tax rates cause their private sector to build more. https://mobile.twitter.com/wsj/status/1113274956765331456?lang=en https://mobile.twitter.com/wsj/status/1113274956765331456?la...