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The problem is self perpetuating. I went from YIMBY to NIMBY as soon as I spent 5x my net worth on a Bay Area single family home.
by ponker 6y ago
The problem is self perpetuating. I went from YIMBY to NIMBY as soon as I spent 5x my net worth on a Bay Area single family home.
- TulliusCicero 6y agoYes, and the problem is significantly worsened by Prop 13, which shields long time homeowners from the normal negative side effect of higher property values: higher property taxes. There's basically no downside to homeowners from property values shooting through the stratosphere.
- ponker 6y agoYep. For a property that I intend to live in until I die, outside of California I wouldn’t have wanted the property prices to go up too quickly. Here, all appreciation was hated before I bought and loved after I bought.