That's partly the effect of prop 13. When land (or its proxy, property) is detaxed then property becomes a valuable commodity to hoard and guard the value of jealously.
So, it attracts the foreign investors looking for stores of value and encourages NIMBYism.
If the tax bill of properties in high value locations went up with land value then it would encourage people to stop hoarding and to sell up and have their properties redeveloped.
So, blame Howard Jarvis and his taxpayer's foundation.
So, it attracts the foreign investors looking for stores of value and encourages NIMBYism.
If the tax bill of properties in high value locations went up with land value then it would encourage people to stop hoarding and to sell up and have their properties redeveloped.
So, blame Howard Jarvis and his taxpayer's foundation.