patrick.net

vultures circling their prey ---

http://abclocal.go.com/kgo/video?id=8881647&rss=rss-kgo-video-8881647

The politicians have to do what they have to do. The people will have to do what they have to do. I have seen this episode before. It will not end well. However, we're not there yet. We'll be there eventually. In the meantime, open up your wallet and spread your legs. :)

Congratulations to Californians!

You got what you wish for -socialism. California governor should send a big delegate to Greece or even North Korea. You can certainly learn a lot from those experienced brothers.

BobMSN says

Congratulations to Californians!

You got what you wish for -socialism. California governor should send a big delegate to Greece or even North Korea. You can certainly learn a lot from those experienced brothers.

Sorry, forgot Cuba and Venezuela.

BobMSN says

BobMSN says

Congratulations to Californians!

You got what you wish for -socialism. California governor should send a big delegate to Greece or even North Korea. You can certainly learn a lot from those experienced brothers.

Sorry, forgot Cuba and Venezuela.

Don't forget Sweden, Norway, Germany and Iceland.

Reforming prop 13 would be a big step towards class equality. Right now, individuals and corporations (Irvine Corp) that control most of the real estate are paying taxes at 1980 rates. Meanwhile struggling families are shouldering the tax burden in ever increasing amounts. Prop 13 only encourages renter activity which hurts people and the economy.

The comments on SFGate are always a mix of "amusing" and informative.

Lots of people on there are stating that repealing prop 13 would make them homeless. Well, it would if your property's valuation remained where it is. This is one obvious example of how we are systematically invested in high RE prices that typical incomes + responsible financing cannot sustain. The entire state would be underwater within a month if Prop 13 was pulled. I don't give a shit, personally, nor do my parents who have paid off their house and are not counting on it for retirement income (they scrimped and saved for that...gee, the novelty). The average person really needs to be broken of this stupid notion that houses are great financial "investments." One, their high "valued" house will bankrupt most of their kids. Two, they only got their high valuation because of major market manipulations, like prop 13.

Lots of people that bought houses decades ago laud prop 13 for saving them. "Prices were going up so fast, we would not have been able to afford the taxes." OK, so instead you enact a policy that basically removes any incentive for a cap on house prices, and what do they have to say about their kids' generation buying a house and having to pay inflated property taxes? "Eehhhhhh, well whatever, if someone can't afford the property taxes then they shouldn't be buying a house."

Anyway, houses aren't really the big problem for CA's budget anyway. The application of prop 13 to commercial property is probably the most damaging overall.

I remember when Prop 13 was being passed, the videos of grandma being tossed out of her home, unable to pay the taxes on her million dollar home.

Hello, reverse mortgage.

Prop 13 was a pathetic exercize in greed by grandma's heirs who want the million dolar house.

Blurtman says

Hello, reverse mortgage.

for the absolutist land value tax solution -- the granny living say half a block from Stanford by herself on 2 acres -- I'd prefer the state just liening the property while it's occupied. California had this program for a while when the state wasn't so bad off.

but, really, going after granny isn't necessary or wise. That's some pretty "high-hanging" fruit, and the anti-LVT people have been wheeling her out for over 100 years now to bullshit people into shooting down the one tax that would actually benefit productive people. Property tax on rental properties is more than enough. That also exposes the Granny angle (grannie renters), but at least in this case we can counter with asking to see the landlord's books as to why he need to pass on the tax to Granny.

Blurtman says

I remember when Prop 13 was being passed, the videos of grandma being tossed out of her home, unable to pay the taxes on her million dollar home.

Hello, reverse mortgage.

Prop 13 was a pathetic exercize in greed by grandma's heirs who want the million dolar house.

I was there and I remember it. Prop 13 goes that is the knife in the coffin California has been building towards since. It will totally take care of the place once and for all.

And it isn't just granny plenty of those properties have multiple family members as owners. Prop 13 goes South? And I say it will, there goes 100% of the entire California real estate market, what's left of it in California.

And they will do it just for the reverse mortgage business bullshite.

Yes, because if prop 13 is repealed our legislature will use that money wisely and run a state with a balanced budget. =/

Let's trim the excess fat before we take even more money from the population. Though I do agree that prop13 shouldn't apply to businesses, as that doesn't make any sense.

/prop 13 baby, so I might be a little biased.

Blurtman says

I remember when Prop 13 was being passed, the videos of grandma being tossed out of her home, unable to pay the taxes on her million dollar home.

actually its more complex than that..

http://en.wikipedia.org/wiki/California_Proposition_13_%281978%29

1) required that all states provide to all citizens equal protection of the law. The court ruled that the amount of funding going to different districts was disproportionately favoring the wealthy. Previously, local property taxes went directly to the local school system, which minimized state government's involvement in the distribution of revenue. This system also allowed a wealthier district to fund its schools with a lesser tax rate than the rate a less affluent district would have to set to yield the same funding per pupil.

2) Due to severe inflation during the 1970s as a result of the 1973–75 recession, reassessments of residential property increased property taxes so much that some retired people could no longer afford to remain in homes they had purchased long before. Government spending had also increased dramatically during the years prior to 1978. Between 1973 and 1977, California state and local government expenditures per $1000 of personal income were 8.2 percent higher than the national norm.

* so skip inflation and have another housing bubble, as many people still wish it would, would spell disaster for everyone not just for many on fixed incomes. Do you think your property tax bill should be increased if prices skyrocket.. as was the recent case ? where do you draw the line in market value assesments. Clearly this wouldnt work out.. But heck FU the unions got their pay increase, bonus and pensions...

which leads you to 3 below.. you pay off the assessors to keep your taxes lower.

3) During the early 1960s, there were several scandals in California involving county assessors.

Just how do you define market value. or even "fair" market value... govt needs more so they inflate values based on arbitrary methods.. vs actual historical costs.

Landru3000 says

Next up for Jerry Brown - Prop 13

and replace with what ? a fantasy... vote for me and blah blah blah... more free stuff.

Landru3000 says

Next up for Jerry Brown - Prop 13

Be careful what you wish for.