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by komodo
2842 days ago
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NIMBY-ism mostly. The people lucky enough to already own property don't want further residential development. It keeps their property values artificially high. There is an unreasonable expectation that if you buy a house in a nice quiet suburb then it should stay a nice quiet suburb the entire time you are living there. In California specifically, they voted themselves (via referendum) a law which also keeps property taxes down for incumbents "The proposition decreased property taxes by assessing property values at their 1976 value and restricted annual increases of assessed value of real property to an inflation factor, not to exceed 2 percent per year. It also prohibited reassessment of a new base year value except for in cases of (a) change in ownership, or (b) completion of new construction. " https://en.wikipedia.org/wiki/California_Proposition_13_(197... |
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