[nullc]

> Then you can just sell your house and buy another one in a less expensive area and make insane profits.

That is extremely presumptive. Your friends, family, and support infrastructure is all in the place you've been over the last 40 years.

Purchasing another home and moving to it have huge transactional costs.

It would have been completely reasonable to include plans for the reverse mortgage as part of your finical planning already: Americans often have a significant fraction of their net worth tied up in their homes. So that money may well be spoken for. It also may be just unavailable: The city's assessment of your home's value may not match with a lender's assessment.

Think of it this way, if I show up at your town council's office and offer to pay 2x the property taxes you currently pay, should I be able to bid you out of your home? If that wouldn't be ethical, why is it ethical to do it in a distributed way?

I think Prop13 is nuts, but the opposite idea of continually subjecting people's homes to volatile and unpredictable market price based taxes is also nuts.