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

To: GraceZ who wrote (12789)	8/20/2003 10:56:04 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 306849

the old are not screwed Grace, unless they were not homeowners but it was so easy to buy a house in the 70s (vs now) the majority were able to do so. Any system that allows someone to buy a house for 70K that appreciates into a 5 million dollar asset (which happened around here) is not what I'd call a screw. If you allow inflation then everything has to be allowed to inflate. You can't "freeze" something and expect the system to work, the other option is control the money supply but as you know we don't have that.

To: GraceZ who wrote (12789)	8/20/2003 11:53:19 PM
From: Jim McMannis	Read Replies (3) \| Respond to of 306849

RE:"The million dollar houses weren't caused by Prop 13, they were caused by too many people with too much easy money throwing it at too few houses." Prop 13 is just a part of the puzzle. WHen selling resets your taxes, people don't sell. This reduces inventory and helps increase prices. I won't even get into the other 2-3 major tax breaks real estate gets. If eliminating prop 13 had no effect on skyrocketing home prices then eliminate it and nothing will happen to home prices then?