Extra fun in California is Prop 13 for businesses that basically caps their property tax at 1975 values thereby making any meaningful new competition impossible

Extra fun in California is Prop 13 for businesses that basically caps their property tax at 1975 values thereby making any meaningful new competition impossible to establish at the same rates. This is why you see quite a few “old school” restaurants still around in the Bay Area while new places must charge much more for the exact same product, in the same market, possibly right next door: they’re paying a ton more in property tax.