Prop 13 is basically a pyramid scheme, and your position on the pyramid depends on when you bought.
Repealing it would decrease taxes for young households and/or better fund schools and infrastructure, but it would tax the people that voted for prop 13 off their land.
One way to think about it is that there is a finite amount of housing, and the demand is set by salaries. Prop 13 doesn’t change either side of this equation.
If you buy today, Prop 13 will lower your property taxes years from now, but it will also drastically increase your mortgage payments.
So, it is ultimately a transfer of wealth from government programs to the banking industry.
Repealing it would decrease taxes for young households and/or better fund schools and infrastructure, but it would tax the people that voted for prop 13 off their land.
One way to think about it is that there is a finite amount of housing, and the demand is set by salaries. Prop 13 doesn’t change either side of this equation.
If you buy today, Prop 13 will lower your property taxes years from now, but it will also drastically increase your mortgage payments.
So, it is ultimately a transfer of wealth from government programs to the banking industry.