3 ms·

One begat the other. Of all the places that tried this, California has been the most successful at turning itself into an economic structure for enriching prope

One begat the other. Of all the places that tried this, California has been the most successful at turning itself into an economic structure for enriching property owners to the detriment of everyone. California ate its seed corn and now reaps only hunger.

jeffbee 3y ago
I don't think California's overall policy of enriching entrenched land owners is very different from other states. I believe the other states are only slightly behind California in terms of housing crisis phase. https://www.theatlantic.com/ideas/archive/2023/04/california-single-family-zoning-housing/673758/ https://www.theatlantic.com/ideas/archive/2023/04/california...
- cycrutchfield 3y ago
  Prop 13?
  - jeffbee 3y ago
    Prop. 13 is not unique. Michigan, Oregon, Massachusetts, and New York (ex. NYC) all have very similar limits on the rates of change of property taxes.
    - deleted 3y ago
      [deleted]
    - AnimalMuppet 3y ago
      OK, that's four states. But you said "I believe the other states are only slightly behind California in terms of housing crisis phase." That sounds like all the states, or at least most of them. And I'm pretty sure that's not true.
      - 0_____0 3y ago
        I live in Mass and while Prop 2½ does exist it isn't universal. Property tax in my municipality is based on current assessment, and the assessment is updated yearly.
  - gerad 3y ago
    Your property tax is tied to the property value at purchase rather than reassessed over time. This, coupled with the enormous growth of CA property prices over the last 70 years, results in existing land owners paying way less taxes than their neighbors. Like 10x less tax is not uncommon. This creates a ton of really perverse incentives - but an overwhelming one to buy and hold rather than sell or move. So it limits California housing stock.
- ethanbond 3y ago
  Prop 13 mixed with California’s obscene wealth creation both make land there uniquely valuable
- 0_____0 3y ago
  Yep. My hope is that other states learn from California's mistakes and correct their policies before they get tested by serious population growth in cities. Seems like that's happening to a degree (supported by examples in the article you linked).

jeffbee 3y ago

I don't think California's overall policy of enriching entrenched land owners is very different from other states. I believe the other states are only slightly behind California in terms of housing crisis phase. https://www.theatlantic.com/ideas/archive/2023/04/california-single-family-zoning-housing/673758/ https://www.theatlantic.com/ideas/archive/2023/04/california...

cycrutchfield 3y ago
Prop 13?
- jeffbee 3y ago
  Prop. 13 is not unique. Michigan, Oregon, Massachusetts, and New York (ex. NYC) all have very similar limits on the rates of change of property taxes.
  - deleted 3y ago
    [deleted]
  - AnimalMuppet 3y ago
    OK, that's four states. But you said "I believe the other states are only slightly behind California in terms of housing crisis phase." That sounds like all the states, or at least most of them. And I'm pretty sure that's not true.
    - 0_____0 3y ago
      I live in Mass and while Prop 2½ does exist it isn't universal. Property tax in my municipality is based on current assessment, and the assessment is updated yearly.
- gerad 3y ago
  Your property tax is tied to the property value at purchase rather than reassessed over time. This, coupled with the enormous growth of CA property prices over the last 70 years, results in existing land owners paying way less taxes than their neighbors. Like 10x less tax is not uncommon. This creates a ton of really perverse incentives - but an overwhelming one to buy and hold rather than sell or move. So it limits California housing stock.
ethanbond 3y ago
Prop 13 mixed with California’s obscene wealth creation both make land there uniquely valuable
0_____0 3y ago
Yep. My hope is that other states learn from California's mistakes and correct their policies before they get tested by serious population growth in cities. Seems like that's happening to a degree (supported by examples in the article you linked).