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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (12793)8/21/2003 12:39:09 AM
From: Lizzie TudorRead Replies (2) of 306849
 
BTW it isn't the usual thing for a house bought in the 1970s for 70k to be 5 million.

It is common in SV, certain areas like woodside. These were out in the boonies once. You could get an acre for 70K. Now it is the bedroom community for cisco founders and people like that.

The biggest problem with Prop 13 is that it protected some while screwing others, so there weren't enough dissenting voices when it came to nixing new spending.... but you are all in the same boat now.

I don't think we are in the same boat now though. That is the problem. If they keep this insane law, they will do what they have always done, shunt the entire tax burden for the state on newcomers, the young, and non-homeowners. They will raise sales taxes, income taxes and car taxes but NOT property taxes. So those with the million dollar net worths who don't work and "manage" their RE investments (those wildly visionary folks on this thread that are true marvels of capitalism (sic)) are barely scratched and your avg college student gets killed. If they DO repeal this property tax law, and taxes are raised across the board, then I agree we are all in the same boat. I would prefer that. As far as the tech industry is concerned I know most in management need these laws overturned fully.
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