[plank_time]

The old person would have sold the house a long time ago because of the rise of their property tax. They wouldn’t be millionaires. They would have to sell their home for a small gain and then rent for the rest of their lives. And since they are old they have no income so they need to keep moving to cheaper and cheaper apartments.

Sounds like a great way to live a life, just because younger people feel like they deserve to live in their house.

[chipotle_coyote]

> Sounds like a great way to live a life, just because younger people feel like they deserve to live in their house.

At one point, I'm fairly sure all those old people you're talking about were young people who felt like they deserved to live in their house. The difference is that, well, they were able to. I don't think you're intentionally saying "You came of age after 1980, kiddo, so suck it," but that's nonetheless the outcome. Proposition 13 certainly isn't the only reason that housing prices in California have skyrocketed, and housing prices have always been more expensive here than the US median -- but the gap between the California median and the US median started increasing immediately after Proposition 13 was passed and just kept accelerating.

[cycrutchfield]

If their property taxes increased to the point where they cannot afford it, then that means that their property value increased significantly. Excuse me if I don't feel too bad for somebody who just reaped a massive windfall.

The "won't somebody think of granny?" argument doesn't really work when advocating for a policy that disproportionately subsidizes non-grannies.

[tpmoney]

“Reaped a massive windfall” if and only if they sell their house. The problem is unless they’re both looking to sell and move into a lower COL area, that doesn’t do them much good.

My house today is worth 2x what I paid for it a decade ago. Which is great except for the fact that housing costs around here are closer to 3-4x what they were a decade ago. Even if I wanted to sell, I couldn’t find any livable housing for the same price within the same area.

[rcpt]

> if and only if they sell their house

Buy. Borrow. Die.

[nitrogen]

People generally buy a house because they want to live in it. The nominal value of the house does nothing to benefit them.

[selectodude]

The greatest day of my life will be the day I owe the IRS $1 million dollars.

[tjr225]

All people deserve to be housed.

[throw737858]

> just because younger people feel like they deserve to live in their house.

Well, they do deserve those houses. If we expect young people to work, pay taxes and raise new generation. This is yet another middle finger to young people. No wonder birth rate is in toilet.