> The infamous Proposition 13, a 1978 ballot initiative that capped property taxes, meant that new housing could cost cities more in services than it would bring in through taxes. In response, cities privileged much more lucrative commercial development—setting the stage for the state’s severe jobs/housing imbalance—and tacked hefty fees on new housing construction.
Good take right here but it's not the main reason that prop 13 is making housing expensive imo. The insane market distortions causing landowners to never sell and instead stay put and NIMBY like mad is a larger reason that Prop 13 makes housing more expensive.
Good take right here but it's not the main reason that prop 13 is making housing expensive imo. The insane market distortions causing landowners to never sell and instead stay put and NIMBY like mad is a larger reason that Prop 13 makes housing more expensive.