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by residentfoam
2018 days ago
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This! Right to the point. I think Texas got this right. Higher property taxes are assessed every year on the current property value.
This has the positive effect to keep the real estate market within reason.
Home owners have no incentive to see their taxes explode, unless they plan to sell and move. CA is a mess! And don't get me started on the fact that property taxes pay for public schools, so if I buy a property today say at $1M whereas my neighbor bought 10y ago and payed $100k guess who is paying the most to finance schools ? It is utterly unfair! Hence, after almost a decade in SF, I and my finally finally moved on, I kept my job and bought a nice, modern, luxury house in Austin! I and my family are super happy now. I voted democrats my entire life, I have now realized how wrong I was! SF and CA turned me into a republican! And that's what I vote now. |
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And yet density is anathema, single family home zoning is everywhere, and new development construction happens on the edges, and traffic and cost gets worse every year. Just a little more slowly than in the current CA bubble. But make the TX bubble hotter, and watch the prices then!
Republicans who haven't yet had to deal with the same level of bubble-driven rapid inequality growth don't have some better policies in mind - they just haven't hit the breaking point yet. I'm sure things will get there in another decade or two, but I guess perpetually running away from self-induced problems is a pretty good strategy for folks with the money.