3 ms·

The prices have already gone up. However, unlike the Bay which artificially restricts new builds and has the added benefit of that prop that locks property tax

The prices have already gone up. However, unlike the Bay which artificially restricts new builds and has the added benefit of that prop that locks property tax rates comically low Texas has neither. There's an abundance of land to build in almost any direction. There isn't a cancerous NIMBY voting block that prevents new high rises. And more importantly, property taxes can go as high as or low as needed which keep downward pressure on home prices. The unfortunate thing is, there is plenty of land to build in San Francisco. What there isn't available is the political will to turn those sprawling hills of nothing into new homes or to upzone areas currently. I love San Francisco and think it has immense potential, but the place has become awful in terms of its CoL.

LapsangGuzzler 3y ago
> And more importantly, property taxes can go as high as or low as needed which keep downward pressure on home prices. The major downside of this is that it forces out the lower income folks who originally owned the property. I saw so many families who bought houses 40-50 years ago in Austin who had to leave because of the property tax increases. If you’re serious about laying down roots in a town like Austin, you have to be prepared for wild increases in property taxes, which can really eat into your portfolio long term.
- hn_throwaway_99 3y ago
  I mean, it's really hard to feel that bad for folks. People say it's about the property taxes, but a lot of people also saw that their property values tripled in a few years and were more than happy to cash in that winning lottery ticket, and I certainly don't blame them.
- freitzkriesler2 3y ago
  Texan residents 65 and older are exempt from property taxes if they live in their main property. If they aren't taking advantage of this, they need a real accountant.
tayo42 3y ago
Prices have gone up everywhere. Median price for a home in Austin looks to be 500k and declining. Compare that to just about anywhere in California, it's a lot less

LapsangGuzzler 3y ago

> And more importantly, property taxes can go as high as or low as needed which keep downward pressure on home prices. The major downside of this is that it forces out the lower income folks who originally owned the property. I saw so many families who bought houses 40-50 years ago in Austin who had to leave because of the property tax increases. If you’re serious about laying down roots in a town like Austin, you have to be prepared for wild increases in property taxes, which can really eat into your portfolio long term.

hn_throwaway_99 3y ago
I mean, it's really hard to feel that bad for folks. People say it's about the property taxes, but a lot of people also saw that their property values tripled in a few years and were more than happy to cash in that winning lottery ticket, and I certainly don't blame them.
freitzkriesler2 3y ago
Texan residents 65 and older are exempt from property taxes if they live in their main property. If they aren't taking advantage of this, they need a real accountant.

tayo42 3y ago

Prices have gone up everywhere. Median price for a home in Austin looks to be 500k and declining. Compare that to just about anywhere in California, it's a lot less