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Chicago to consider universal income-LOL!!
Please pass this.
Tell me again about eeeeeeevil Prop 13.
I know Prop 13 has fucked up California housing prices
Please no. This is what happens:
Step 1. Permanent tax increases "for the children", but in reality for police and firepersons pensions so they can retire at 40.
Step 2. Population runs away to TX, AZ, etc, because taxes are too high and unemployment rises.
Step 3. People who moved to TX start complaining that it is different from place they ran away from and try to implement in TX policies that drove them away from IL.
it's the only thing preventing California from going full retard and following Illinois steps to junk bond status.
While in Texas, houses remains affordable. No income tax, just sales and property taxes.
socal2 saysI know Prop 13 has fucked up California housing prices, but it's the only thing preventing California from going full retard and following Illinois steps to junk bond status.
You beat me to that! Thanks!FortWayne saysAll it did was put a limit on how much government can take away from us, to pay their union cronies.
No. It also lets property values soar...especially speculatively.
While in Texas, houses remains affordable. No income tax, just sales and property taxes.
FortWayne saysOur prices and affordability are supply and demand problem. Texas has a lot less people.
And high property taxes.
Higher property tax == less of a loan buyer can qualify for. Why? Because they factor in total monthly payment for qualifying for the loan. That includes property taxes. And, taxes push down the value of the home than it otherwise would be.
You don't see it in Texas because it is 'backed into the cake', so to speak.
Now, houses are definitely more affordable in Texas than in Kalifornya, for sure. And Kalifornya not building enough is the main culprit. But if we had Texan property tax rates, the houses would sell lower than they do even despite all that non-building.
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