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by koolba
1683 days ago
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Housing in CA is also unique in that the combination of refinance rates and Prop 13 make selling your home for the same house right next door a losing proposition. Most long term owners are deeply incentivized by CA’s property tax cap to never sell and if anything take an equity loan / rent it out. I can’t even imagine the total financial devastation if they suddenly ratcheted up the tax rates via reassessment. It’d be a fire sale for all but the top end of the income ladder. |
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