Property tax is on the one hand a wealth tax, which sounds like a great idea;
The problem is in how its assessed. A market-based tax will be vulnerable to market manipulation. A tax accessed by the agents of lobbyists and kleptocrats will be administered to the benefit of their patrons.
This isn’t a policy failure quite so much as it is a democratic failure.
qjkxbmwvz@startrek.website 3 weeks ago
Yeah, without being a policy junkie I think a reasonable step would be to have Prop 13 only happy to primary residence — investment real estate would be subject to a “wealth tax,” but folks wouldn’t get priced out of their primary home due to gentrification.
Cryophilia@lemmy.world 3 weeks ago
Prop 13 should also not apply to inherited houses. It’s creating a class of landed gentry who were lucky enough to have parents living near the housing boom, and pricing out anyone who moved here in the last 20 years.