[lazide]

Also, it’s a risk hedge. In many very populous areas property tax increases are capped.

This allows someone to quite concretely limit their housing costs in retirement (a large portion of anyone’s expenses!) in a way that is impossible in almost any other way. The only other similar types of deals are specific types of rent control in very limited metro areas.

That is huge.

[bluGill]

Even if property tax increases are not capped, they are generally a fraction of what the house payment would be. (though after 30+ years of inflation the tax is what the original house payment was)

Generally if you rent your share of property tax in the rent payment is higher than an equivalent house share would be Tenters don't see how property tax affects their rent and so they generally don't oppose property tax increases, if they even bother to vote which they are less likely to. To be fair, how tax affects tax is complex - rent is supply and demand first, things like taxes put a floor on prices and so affect supply but this means it is indirect and so hard to see even though it will catch up eventually.

[lazide]

Almost no one is still making house payments in retirement. Those that are, almost certainly got that mortgage decades ago and it’s now a tiny fraction of current rental prices.