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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Tradelite who wrote (12513)8/17/2003 2:54:27 PM
From: Lizzie TudorRead Replies (1) of 306849
 
oh yeah definitely, not just the tax law. Also just the availability of land in a city like SF is a problem... not much you can do to rezone into the bay.

Still free market economics generally work, and prop 13 is a law that sortof violates that principle, because it means people that lived somewhere at one point in their lives are shielded from what that region morphs into from a cost standpoint. That is what we have in silicon valley. The best thing would be for costs to rise such that those that do not benefit proportionately to living here would relocate. That is the natural ebb and flow of business. We don't have that, we have a renter class of individuals who just happened to live here 25 years ago who achieved a great deal fo personal wealth at the expense of the workers and industries that are here today. The worse part is that these people are often at odds with the tech workforce on things like bond measures which are needed to improve local schools. Nobody should be forced out of their home but taking the younger generation to the cleaners as the "tax revolt" generation has done with this law is really shameful. I would love to see prop 13 go down, and I expect some major changes will occur because there is no other option to come up with the billions required. If the state defaults I suspect the law gets amended also. They had a brief discussion on prop 13 on "this week" this morning. George Will said CA had extremely low prop tax rates. Not for me, or the people that work for me- we pay through the nose 12K/year minimum. Only for those that were here in the 80s, people like Warren Buffett, that is not fair.
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