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

To: David Jones who wrote (12402)	8/16/2003 2:42:55 AM
From: Wyätt Gwyön	Read Replies (2) \| Respond to of 306849

well, unfortunately for the Prop 13 tax freeloaders, it now appears they have a financially literate opponent whom they can't buy off in Buffett. it is great to hear that the shameful system will be abolished, and it will be very interesting to watch the market crash at a safe distance. too bad for all poor people who mortgaged to the hilt in the upswing of the bubble. on the other hand, Chapter 11 will let them socialize their mistakes, to be paid by the freeloading rentier class. the California real estate crash should keep the bankruptcy lawyers very busy.

To: David Jones who wrote (12402)	8/16/2003 3:20:51 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 306849

Prop 13 does not freeze property tax it limits the rise in valuations to 2% per annum. Buffett, who of course knows much more than all the Prop 13 freeloaders in denial, pointed out that his tax on his 500K Omaha house is some 14-15K a year, and rose nearly 2K last year. meanwhile, his tax on his $4 million house in Laguna Beach is less than 2K, and rose all of $23 last year. he points out the ridiculousness of the California freeloader system which of course is designed to benefit the rich rentier class the most. i posted the link here, and i think Elroy posted the article with the exact figures. read 'em and weep.