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No, Prop 13 was in response to people being "taxed out of their homes" . Inflation, low interest rates, and turning homes into an "investment" did more to make
by gedy 6y ago
No, Prop 13 was in response to people being "taxed out of their homes" . Inflation, low interest rates, and turning homes into an "investment" did more to make the bubble.
- jeffbee 6y agoProp. 13 allowed people to advocate for exclusionary development policies, capture all of the land value increment of those policies, while at the same time being totally shielded from the taxes on their windfalls. The timeline of California land use abuse was that first came zoning, downzoning, historical preservation, and all the other anti-housing controls. Then came rent control and Prop 13, both of which act to shield incumbents from the consequences of their own actions.
- bradlys 6y agoAlmost no one was being taxed out of their homes. A real estate tycoon was the reason the bill passed.