4 ms·
alas, these Austin locals did not learn the SF lesson, real estate lesson 101 As soon as foreigners invade your shores (er, real estate spaces) move to grandfa
by IG_Semmelweiss 6y ago
alas, these Austin locals did not learn the SF lesson, real estate lesson 101
As soon as foreigners invade your shores (er, real estate spaces) move to grandfather a cap property tax that is particularly beneficial for long time real property owners.
I understand that at first, this would do nothing to alleviate the attack on the local culture. The same foreigners would still call the cops.
Yet, with enough time, the latino locals would have been rich latino locals, from simply holding onto property, and renting it out to new arrival..s making a killing.
Then those rich latinos would have had some dollars to contribute to local pols. That could be a group happy to push on repeals of noise or public assembly ordinances.
Rinse,repeat.
You would have a full-fiesta by now. There goes the neighborhood!
Opportunity lost.
- gowld 6y agoRenters don't get to profit from real estate appreciation. That's the problem with gentrification.
- xiphias2 6y agoThey should buy up things and max out their loans...even a parking place will worth 10x there soon.
- wahern 6y agoMany areas of Texas and California have had large, stable, resident latino communities for over a hundred years or more, and thus far greater percentages of property ownership than in most other areas.
- wutbrodo 6y agoThe distribution of property owners is not the same as the distribution of renters (most obviously with respect to class), even in a subpopulation like "Latinos".
- deleted 6y ago[deleted]
- IG_Semmelweiss 6y agothat presupposes the locals were renting to begin with. I don't see evidence of that, or the opposite. I admit to be assuming that long-time locals own their property. At least, a significant chunk. Also note that not enacting a tax cap is not "neutral" to the status-quo of community: for as long as they do not enshrine capped taxes into their code, the longtime locals will be outbid by transplants due to the latter's ability to pay absolute higher property taxes. This only accelerates gentrification further.
- FalconSensei 6y agoBut you still need money to afford the increased property taxes, otherwise you'll have to sell and move out. Also, if you own, you only get money when you sell. If you are living there for a couple generations and don't plan on moving, the only thing you get is increased property taxes, and those foreigners complaining about your culture and trying to change it
- scatters 6y agoThat's why grandfathering is necessary. For example, you can have residential property taxes determined by most recent sale price.