The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Steve_C who wrote (205308)	5/30/2009 1:16:15 PM
From: Skeeter Bug	Read Replies (1) of 306849

>>What does any of that have to do with what will happen to home prices with a repeal of Prop. 13? I do get it that a lot of you are angry about the retirement packages of Ca state employees. But let's focus on the question I asked of Live2sail.<< if you increase the cost of housing, demand will drop, all else being equal. dropping demand, all else being equal, will lower price. economics DOES NOT get more basic than that. take an econ 101 class. oh, and nobody said that housing would drop 60% b/c of a prop 13 repeal - you misunderstood (imagine that!). it was 60% form the top and there would be a marginal decrease in housing should prop 13 be eliminated. the only rational argument is the size of the hit the housing market took. >>You know, if you really want to do something about public employees, you can create a proposition to reduce or eliminate those packages. Alternately, bankruptcy is a nice alternative to eliminate those obligations. I'm predicting one of the two alternatives will occur in the next decade - it's inevitable.<< CA can't file bankruptcy. now you know.

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