
A debate over the fate of an old mall epitomizes Silicon Valley’s class divide - RestlessMind
https://www.recode.net/2018/9/21/17883246/silicon-valley-cupertino-development-housing-apple-yimby-nimby
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PaulHoule
It is not just the class divide, it is generational.

Thanks to proposition 13 they cannot raise taxes in proportion to the value of
your house as long as you live in it.

There are greybeards who leave in SV who were working for Apple or some other
company in the 1980s and they thought it was a lot to spend $200,000 for a
house but now it is worth $2M.

If their taxes had gone up they might have moved away, but so long as they
stay they have a very low cost of living.

A long time ago California was a popular destination for retirees because the
climate is desirable and it used to be affordable. Some of those people are
still around and they vote. These people are well off, particularly
considering the value they'll get when they or their heirs sell the house, but
they aren't "crazy rich" either or connected to the high salaries and stock
compensation that are going on now.

