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I had not heard of this strategy. Thanks for submitting it here :-) As a sidenote my father always said Prop 13 was never to protect seniors, but to help corp
by throwaway914 3y ago
I had not heard of this strategy. Thanks for submitting it here :-) As a sidenote my father always said Prop 13 was never to protect seniors, but to help corporations buy massive plots they'd never have to pay adjusted taxes on in the future. Prop 13 locked in rates for more than just residents. I don't see an end to this without a phased elimination of prop 13, or an abrupt "now it's gone".
- sroussey 3y agoHomelessness will boom even more (increasing land values and taxes while on a fixed income), and small businesses will close (old buildings have low prop tax, and with most buildings triple net, the landlords don’t pay the tax).
- throwaway914 3y agoWe really signed our death sentence 20+ years ago. Californians won't have the attention span or the conviction to undo it with a phased or abrupt approach. We'll just have this unequal footing... forever
- kjkjadksj 3y agoYup, there are so many parking lots on absolute prime land in socal. Land that would turnover and rent out an entire 5 story apartment on top of it overnight, based on what neighboring plots have done. I guess having that low tax rate and renting the lot out to film shoots for their basecamp is less headache and more lucrative.