San Francisco faces fiscal chaos(wolfstreet.com) |
San Francisco faces fiscal chaos(wolfstreet.com) |
And as a result of Prop 13 the state relies heavily on income taxes, when people leave or lose their jobs there goes the state income.
The solution to affordablity of property taxes could have been limited to humans (not trusts or corporations) with deferred taxes (lien) until probate. Instead, it will likely be with local municipalities fining ever larger amounts for unoccupied/rented properties based on market value (rather than assessed). Of course the risk that you would need to pay even 0.5%/yr to keep property would drive prices down, which would encourage people to sell or at least rent.
Also, I’m not sure how many funds this would ultimately raise. Houses will flood the market as existing homeowners can’t afford their taxes, putting downward pressure on housing costs and ultimately decrease tax revenue.
New York budget crisis [0], Chicago [1], Dallas [2], etc
[0] https://www.politico.com/amp/news/2020/05/31/new-york-budget...
[1] https://www.wbez.org/amp/stories/how-covid-19-could-hit-chic...
[2] https://www.nbcdfw.com/news/local/dallas-budget-crisis-prese...
https://www.sfexaminer.com/news/genuine-solutions-for-san-fr...
[0] https://www.sfchronicle.com/bayarea/heatherknight/article/SF...
Although lately the fed just buys that debt back with printed money so...
States and localities who were in decent shape until now will be able to weather this storm by raising taxes (even more) on the younger generations. In California, there isn't anymore left to squeeze due to Prop 13.
I couldn't bear to live there - Salt Lake City seemed to have the most similar upsides with next to none of the downsides.
Tangential, but I feel the same way about NYC. I have lived in SF for ~3 years and have now been in NYC for ~4 years. I guess cities, that are HCOL, tend to exacerbate the (low and high income) class disparities, and maybe also heighten residents' stress and reduce their patience levels?
Since working more with west coast devs, I've learned to be "nicer" when communicating. But still have the same habits with my family. To be fair I think that some these habits are good to break.
SLC seems nice in theory, until you realize Utah is a theocracy. Not a great place to live for anyone outside the LDS church.
https://en.wikipedia.org/wiki/Temple_garment
I used to live in the US, but I'm back home in Germany. I have 0 interest in going back.
https://sf.curbed.com/2018/4/2/17188892/haight-steet-mcdonal...
>For some nearby residents, the decision was met with dismay and frustration and a feeling of futility after they had spent weeks pleading with Preston’s office to find an alternative, like parking lots owned by the school district or City College and even Recreation and Park Department property.
>“There are all of these large parking lots not being used that would be so much better than plopping this down in the middle of a residential area — an area we’ve struggled for decades to get control of on this end of Haight Street,” said Ted Loewenberg, president of the Haight-Ashbury Improvement Association.
https://www.sfchronicle.com/bayarea/article/SF-to-open-sanct...
The McDonalds you refer to was a huge problem for a long time and right now the only argument is about exactly how big an apartment building to put there.
Look at cities that let people build where there is need to build, they don't have the kind of housing problems SF does.
SF is wealth deprived (wealth is not money, wealth is your ability to Shelter/food/water/necessities etc). It has so much money and yet, 100K income isn't near enough for a family to live there. The homeless rate is nearly 2%! The bottom 20% is at risk of being homeless. The other 70% can barely afford to make rent.
Compare this to Houston, a city that allows things to be built when it needs to be built. Homeless rate is just 0.2%. The bottom 20% is able to afford to live there and so is everyone else. Look people, there's nothing about hot weather that makes it easier to build buildings. It's the attitude of the people. People in SF need to seriously learn something about supply and demand, and the nature housing.
And, let's keep in mind, Houstons yearly growth rate is much faster than SF, it has added over x4 more people to its city per year than SF! and still is able to handle all that, whilst creating a ton of jobs in the process.
And no, you're erasing the voices of many locals who don't want more tent camps in residential areas when there are other city lots they could put them in.
Question--do you ever hold the city accountable for its vast and egregious failures? Look at how much money we spend and the results. It's pathetic.
One of the first people I met on the West Coast was about to move to the East Coast ... "because everyone's so much nicer there".
Either the people are always nicer somewhere else or something else is going on.
This argument doesn’t hold up when you consider that Prop 13 applies to much more than single family homes; commercial property is included and wealthy land developers benefit greatly from the measure.
It'd be a double whammy, re-assesment to higher home values coupled with a larger % of home value being taxed.
I'd rather say starting today homes are re-assesed every 25 years to market value, or something of the sort.
How is children and grand children inheriting their parents property tax rates “fiscal responsibility”?
It’s just easier to say they can print money because the common man doesn’t quite understand how debt translates into new money.
Not sure if sf can legally just ship them to say Modesto where housing is cheaper
If California has a perfect homeless solution that it’s peer states don’t share in. California will see immigration of homeless from other states.
>I mean, the Geneva Towers work, right? Sunnydale Housing is a pleasure to visit and is really well-kept.
>What we need is more government-owned, city-run housing. That’ll make things better.
Show me an example where the SF government has ever done this successfully and affordable. SF government is pretty clearly incompetent and probably fraudulent/criminal.