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How California Became America’s Housing Market Nightmare

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OfTheCross:
The median price for a house now tops $600,000, more than twice the national level. The state has four of the country’s five most expensive residential markets—Silicon Valley, San Francisco, Orange County and San Diego. (Los Angeles is seventh.) The poverty rate, when adjusted for the cost of living, is the worst in the nation. California accounts for 12% of the U.S. population, but a quarter of its homeless population.

How did we get here? Simply put, bad government—from outdated zoning laws to a 40-year-old tax provision that benefits long-time homeowners at the expense of everyone else—has created a severe shortage of houses. While decades in the making, California’s slow-moving disaster has reached a critical point for state officials, businesses and the millions who are straining to live there.

bloomberg

Hoodat:

--- Quote from: OfTheCross on November 06, 2019, 03:43:14 pm ---How did we get here? Simply put, bad government—from outdated zoning laws to a 40-year-old tax provision that benefits long-time homeowners at the expense of everyone else—has created a severe shortage of houses.

--- End quote ---

But this is what the people there want.  And they vote for it again and again and again.

PeteS in CA:

--- Quote ---... a 40-year-old tax provision that benefits long-time homeowners at the expense of everyone else ...
--- End quote ---

BS! Proposition 13 prevented counties from taxing older "long-time homeowners" out of their homes. Further, sales of existing homes happen all the time, so Proposition neither hinders "long-time homeowners" from selling their homes nor new buyers from buying older homes. And Proposition 13 does not in any way hinder the construction of new homes. For example, this part of San Jose that was mostly built up in the late 1940s into the 1970s, https://www.zillow.com/cambrian-park-san-jose-ca/sold/ . Whole lotta sales of existing homes! BTW, while the assessed value of a home is reset when a home is bought, Proposition 13 then starts benefiting that home buyer and does so for as many years as they live in that home. IOW, that benefit is available to anyone, not just those who owned homes in 1978, when Proposition 13 passed.

BTW, I've been a resident of CA continuously since before Proposition 13 passed, some of that time as a renter, and some of that time as a home owner.

If you're really interested in how CA came to have a housing shortage, look to enviro-laws that impede building homes. Look to cities that increased risk with milk-the-developer fees, restrictions, and take-aways. Look to cities, counties, and the State of California with their rent control and other screw the landlord laws that make it difficult to earn a living by being a landlord.

PeteS in CA:

--- Quote from: Hoodat on November 06, 2019, 03:48:39 pm ---But this is what the people there want.  And they vote for it again and again and again.

--- End quote ---

This Californian does not and did not. But I got it anyway, and members of my family have moved out of Silicon Valley because of the high prices that are the predictable consequence of our government-caused housing shortage.

Generally speaking, generalizations generally don't work.

IsailedawayfromFR:

--- Quote from: PeteS in CA on November 06, 2019, 06:03:03 pm ---This Californian does not and did not. But I got it anyway, and members of my family have moved out of Silicon Valley because of the high prices that are the predictable consequence of our government-caused housing shortage.

Generally speaking, generalizations generally don't work.

--- End quote ---
At the risk of speaking for the poster, I believe he meant the majority of people voted for this type of government by electing who they did.

I am all for the citizens of any state to have the freedom to select who they want to run things.

If the majority gets their way, there is not much a minority can do other than to leave the state to find better pastures.

That is one reason I support states rights over federal government.

Once the feds control everything, nothing can be done by ordinary citizens in the minority except leave the US all together.

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