> Property tax cap keeps taxes reasonable and does not allow for straight up highway robbery.
Price controls always distort the market. Property tax cap simply gives earlier residents an advantage versus newer residents for a highly in demand land like California’s. It is a blatant wealth transfer from newer land owners to previous landowners. I guess there could be some benefits from that, but I am not convinced of the long term, societal benefits of it versus the drawbacks.
Price controls always distort the market. Property tax cap simply gives earlier residents an advantage versus newer residents for a highly in demand land like California’s. It is a blatant wealth transfer from newer land owners to previous landowners. I guess there could be some benefits from that, but I am not convinced of the long term, societal benefits of it versus the drawbacks.