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Politics : Bill Clinton Scandal - SANITY CHECK
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To: MulhollandDrive who wrote (4695)9/22/1998 2:21:00 PM
From: Lizzie Tudor  Read Replies (1) of 67261
 
bp, yes thats true. What happened, (and there are others here that have a better perspective on this I think) is in the late 70s real estate started to escalate here. And the legislature was out of control and kept lumping every single item that ever came up onto property taxes. And some people were more or less pushed out of their homes because of it, this was 1978. There was a tax initiative called Jarvis-Gann (aka proposition 13) which locked property taxes down at the purchase price of the house except for a 1%/year increase. Well that was fine for about 5 years, but as the 80s came and property values increased there are huge discrepancies between what I would pay in taxes vs. someone who bought a house in 1983 etc. In essence, there is no supply on the mkt in California because of this law. And many people are millionaires because of it, landlords etc. even though they have relatively small incomes. Its a gross inequity.

Michelle
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