4 ms·
If the exodus goes from a trickle to a torrent, the city budget propped up by property taxes is going to crater. Whatever problems there are now with homelessne
by Mountain_Skies 7y ago
If the exodus goes from a trickle to a torrent, the city budget propped up by property taxes is going to crater. Whatever problems there are now with homelessness, imagine what it will be like when social services can no longer be provided for them. San Francisco is a ship that lost power to its engines while coasting towards an iceberg.
- adrr 7y agoIf housing costs are a problem. They have too many people moving there and not leaving. All major cities in California has the same issue that people keep moving here and driving up housing cost and causing more traffic.
- toast0 7y agoIt would need to be a real big exodus for property tax revenues to go down. Prop 13 limits and associated low turn property turnover means a large amount of the tax roll is assessed under current value. During the 2008 real estate crash, few of the California counties saw a decrease in property tax revenues.
- Mountain_Skies 7y agoWouldn't property turnover be high if there is an exodus?
- toast0 7y agoProbably yes, however, because so many properties are assessed so far under their current market value, due to historic low turnover, the high turnover of an exodus would tend to raise the overall assessed value, unless the price drop was very extreme
- scurvy 7y agoYou must not live in the Bay Area and are merely reaching for talking points. Everyone in CA knows that property tax money goes straight to the state and is divvied up there. It's collected locally, then sent straight to the state. CA gets first crack at spending it, then it goes down to the local level. The social services are paid for mostly by bond measures, which are immune to real estate prices. Other things are paid for with consumption based taxes (mostly sales).
- Mountain_Skies 7y agoDidn't know property taxes go to the state first but the overall point remains that if there is an exodus of wealth from the Bay Area, that will affect the resources available for social programs. Also stories about companies and workers leaving the state beyond the Bay Area are hardly in short supply though some might be overdone for clickbait or political purposes.
- scurvy 7y agoSocial programs are almost entirely funded through voter approved bond sales. Their funding won't take a hit if there's an exodus of wealth. The bonds are already sold. Completely agree with you on the overdone clickbait!
- deleted 7y ago[deleted]