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If such people are homeowners (after all, it is homeowners who are the one complaining about this on zoning boards), they’ll become fantastically wealthy in suc
by Robotbeat 5y ago
If such people are homeowners (after all, it is homeowners who are the one complaining about this on zoning boards), they’ll become fantastically wealthy in such a scenario. They have nothing really to complain about except a wealth tax (of course, by limiting property tax increases, California’s prop 13 is like a wealth SUBSIDY).
- 8note 5y agoThat's unless the government uses eminent domain to give your home to a developer as "slum clearance" Then, you're turned into a renter against your will, and also, everyone else needs to find new housing at the same time, so even before the new luxury units go up, the rent skyrockets. Poor people with expensive homes can't defend their ownership. That takes paying expensive lawyers
- pessimizer 5y ago> they’ll become fantastically wealthy in such a scenario If they leave immediately, rather than struggling to pay their massively increased property taxes, then mortgaging their house to keep up... > by limiting property tax increases, California’s prop 13 is like a wealth SUBSIDY ...which apparently is a good outcome?
- Robotbeat 5y agoMore nominal wealth that reduces actual physical wealth (by slowing the improvement of land via adding denser housing) is not a good outcome. It’s just redistribution of wealth from newcomers or renters to existing homeowners.