| If you owned your home and someone made it easy for you to rent at high price, wouldn't you do the same? Im a renter, not a homeowner. But I didn't choose to move to SF as a settler when it was a polluted mess of a city with days you couldnt go out, and high crime. I wanted to move to opportunity.. When incomes are high and the city was better (it is not anymore) Id like for prices to go down but I dont blame those that benefitted from just being there. Instead I look at the enablers, there is plenty of blame to go around, and the homeowner is last in that list. Prices are not High due to just prop13. Miami, NY, Boise, Nashville and a bunch of other cities have housing prices that are going for the moon relative to what its been. They have no prop 13 40% of land on 280, between SF and Palo Alto is undeveloped farmland. Cows dont pay property taxes |
Investors who buy up 40% of the market, blacklist tenants, and price fix to set a price floor or remove supply by taking rentals off the market. Those are the main issues.
The state governments need to re-implement taxes such that deductions and write-offs do not apply beyond a certain number of properties that are not owner occupied.
As for prices, Prices are high because the banking sector has not been held to account for their unlawful actions, and politician's can't balance their budget.
They have used that to enrich themselves through various frauds, and kickback schemes. The land on 280 has little to no natural water, that's largely why its undeveloped, and job centers are scarce.
Property taxes don't work because you inevitably price locals out of homes and setting a maximum on the tax simply ensures local government increases to that max every year. Long term residents are left in the lurch.
I have parents who have a home up there and their property tax has increased 2% of the value every year for at least the last 10 years. They are paying almost a full salary ($40,000) to keep the home. That's just in property taxes each year and that is just for a single modest home with both having to continue working just to get by.