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by seanp2k2
1269 days ago
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Prop 13 also has the great benefit of keeping anyone new out of the neighborhood, as they’ll be paying potentially an order of magnitude higher tax on the same property. Meanwhile, folks living on the edge of poverty already can stay in their 7-figure homes, unable to afford anything locally as everything else has moved on price-wise, so we get underfunded schools surrounded by de-facto millionaires. Businesses benefit even more, just look up what Disney’s Prop13 benefits are like. This is a great idea too, as it ensures that land owners who have owned in a place for decades are untouchable in terms of investment performance due to the massive tax benefit, so they can charge market-rate rent while paying a small fraction of the tax that anyone else trying to do the same today would. /s |
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Prop 13 rewards long time landowning families. Who's that? White people. Even if the law wasn't explicitly racist originally it's impact has been. And only impact matters in the law.
Here's a link to a good paper on it
https://twitter.com/jarosenthal/status/1328136286159261698
If the current court weren't a joke I think this would be worth pursuing.