7 ms·

A surprisingly large number of adults live very close to their parents [1]. [1] https://source.wustl.edu/2015/12/most-americans-live-surprisingly-close-to-thei

• smsm42 7y ago
  Free babysitter? :)
  • mc3 7y ago
    Free meal maker and shirt ironer.
• usaar333 7y ago
  I'm surprised that's surprising. I always figured most people rely on grandparents for at least occasional childcare.
• triceratops 7y ago
  Ironically Prop 13 makes it more difficult for kids to afford homes near their parents.
  • harikb 7y ago
    You have it backwards. Prop 13 overall increases house prices, yes. But kids, whose parents own a home, benefit the most from Prop 13.
    • triceratops 7y ago
      Until 2018 you could inherit homes from parents or grandparents and keep the original assessed value, but that's no longer the case. So unless the kid is earning enough to pay taxes on a massively appreciated house, they're going to have to sell and/or move away. EDIT: I was wrong about this.
      • harikb 7y ago
        But I still don't get the point though.. unless of course you are arguing that a non-Prop-13 world would have reduced tax for everyone under 1%. That isn't going to happen. we have never reduced taxes in Californa :) Now let us look at it from the other side 1. The family, probably unfairly, benefited from not having to pay the full tax for so long. 2. In scenario that you mentioned the kid just inherited a $1m+ house. What part of it makes him poor that he can't pay the new property taxes? Sure, they might choose to cash out and go live somewhere else because it makes financial sense for him, but that is not `an unfortunate` situation at any stretch. 3. I know there are significant cost-basis advantage here, in additional to all the wealth just inherited, but I don't know enough about it yet.
      • majormajor 7y ago
        CA property taxes are cheap enough that your taxes on that new big value you just inherited are still gonna be way lower than you'd pay rent for something else nearby... and often be pretty good even compared to some other big cities not in CA. Or you have multiple kids and you sell the place and split the cash... nice windfall, taxes or no. Meanwhile, the people whose parents DIDN'T leave them one of those houses are still way worse off...
      • roca 7y ago
        Source for that no longer being the case? My SF housing activist friend says that this has not changed.
        • triceratops 7y ago
          You're right. I confused it with something else.
          • roca 7y ago
            No problem. To an outsider like me, this seems like one of the worst features of Prop 13. Over time it separates people into two classes: those whose family has owned property for a long time, and everyone else who can't afford to buy a house because the taxes are prohibitive. (Even if you're very rich, it will make more sense to rent than to trigger tax reevaluation.) Call it neo-feudalism.
    • usaar333 7y ago
      Well, sure you might get a home from your parents when you are in your late 50s or 60s. Doesn't do much good when you needed that larger home to raise your own family.