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by zapita
2360 days ago
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They often pay very little property tax, thanks to California prop 13. Long-time property owners are incentivized to just ride the real estate boom with a vacant building that costs them nothing. The city gets almost no tax revenue, and the neighborhood is crippled in its development. As a bonus those property owners are politically active and fight zoning reform and development/transit projects to protect aforementioned real estate boom. |
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