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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (7681)	12/31/2002 12:22:08 AM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 306849

why don't they just do away with prop 13? what a stupid law that was, and now it is just a transfers program... I don't know where you live... in Ca prop 13 is the exact mirror of the social security system, basically a law that rewards a group that is likely to vote (over 50, or anybody that owned a house from the mid 80s). Politicians are afraid of challenging the law... Macys went to court over it once and the public outcry was enormous. The fact is, the people most hurt by this law (newcomers to ca, or young homeowners) don't really understand it because they don't have the history - they assume everyone pays the same taxes, or they don't vote. Now after all these years if they overturn prop 13 it will wreak havoc on the RE market because there are millions of homeowners who would never keep their homes if they had to pay real tax rates. Propositions in california are the reasons it is better to have representative government. Anybody can put a petition together here and some popular intiative becomes law... be damned with the consequences down the road. bottom line... we're farked in california I am a huge real estate bear, I'm sorry to say imo LT interest rates of zero will not save real estate here (in silicon valley)