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Doesn’t Prop 13 prevent minorities from being forced out of rapidly gentrifying neighborhoods due to rising property taxes? I fear that would be the effect of
by new_realist 7y ago
Doesn’t Prop 13 prevent minorities from being forced out of rapidly gentrifying neighborhoods due to rising property taxes? I fear that would be the effect of any repeal. Prop 13 seems like rent control for homeowners.
- deleted 7y ago[deleted]
- epistasis 7y agoThis sounds like the classic bait and switch: give a minuscule tax break to those without much ability to pay, and a simultaneous order of magnitude larger tax break to those that are swimming in cash. Other states have homestead protection on property taxes. This is what would have been passed if there was actually any concern for low- or fixed-income homeowners, instead of a system that reinforces wealth inequality. The harm done by Prop 13 by restricting access to ownership to only those with more money, and by further weakening services in historically disinvested neighborhoods, has surely outweighed any possible benefit for those in gentrifying neighborhoods. Property taxes are such a small part of a mortgage payment that the gains in property value far offset any increase in taxes. The idea of “getting taxed out of your home” is not as bad of a red herring as talking about not wanting to get more income because of getting bumped into the next tax bracket (taxes don’t work that way), but it’s a similar misunderstanding of finances.