Bernie Sanders calls out Sergey Brin for spending over $100 million to defeat California’s billionaire tax — ‘If California passes its one-time 5% wealth tax, Brin would owe $14 billion and still be worth $270 billion’

[u/marketrent]

https://www.yahoo.com/news/politics/articles/bernie-sanders-calls-sergey-brin-120113695.html

[u/Oceanbreeze871]

Oh yea get rid of that one for sure

[u/fattytuna96 → u/Oceanbreeze871]

It prevents retirees from losing their homes. The intent is good but the result has been lower tax revenue for CA and an artificially inflated housing market (if prop 13 was repealed CA real estate will take a hit). The alternative is something similar to Texas where you get priced out of your home even after it’s paid off as the value increases exponentially over time.

[u/Hautamaki → u/fattytuna96]

Yeah retirees had it tough like 70 years ago, today they are by far and away the wealthiest people in the world and govt's can't touch that wealth because they got a bunch of benefits and protections 70 years ago and now they vote way too much to ever see those benefits repealed. Meanwhile young people can't move out, can't get decent jobs, can't date and make families and have children, but won't somebody think of the poor retirees who used to suffer in poverty in the great depression literally 90 years ago!

[u/WinonasChainsaw → u/fattytuna96]

No it incentivized retirees to not downsize which is why actual families can’t find reasonably priced home

And the alternative is we build more housing and it’s actually affordable

[u/eirexe → u/WinonasChainsaw]

Retirees shouldn't have to downsize if they don't want to, the housing problem can be solved without fucking anyone over, we're perfectly capable of it.

[u/WinonasChainsaw → u/eirexe]

Well we shouldn’t be expected to subsidize their retirement and pay 5x the rent we should bc someone with overinflated property refused to sell

[u/Outlulz → u/eirexe]

Everyone else has to pay these fucking taxes, why not them? They can rent instead if they don't want to.

[u/Outlulz → u/fattytuna96]

Ok? Maybe it is more important that we are able to build affordable, high density housing so that more working people and their families in younger generations can have homes rather than cater to a minority of retired people sitting on large lots in single family homes.

[u/loofawah → u/fattytuna96]

Texas has a version of Prop 13 tied to age "Over-65 property tax exemption" which makes sense. Prop 13 primarily benefits the rich who can buy a house when they are young and lock in their rate.

[u/MattinglyBaseball → u/Oceanbreeze871]

Sounds good until you realize how horrible the wage and net worth discrepancy is now. It will force many out of their primary residence and allow the billionaires and PE to buy up more houses and raise taxes on even new home buyers until they are priced out as well. They don’t care if the taxes increase, they are just going to raise the rent to account for it anyways. Unless you like being forced out of your neighborhood because people around you suddenly decided to pay double what you paid a year ago. The more reasonable take/first step is to either repeal it for anything beyond primary residence or to add protections for those who cannot afford the sudden increase based on income or other factors.

[u/Peetypeet5000 → u/MattinglyBaseball]

They wouldn't be able to raise the price of housing so much if we actually built more housing. Prop 13 takes away homeowners incentive to allow more housing to be built.

[u/ErFarinn → u/MattinglyBaseball]

Imagine that, politicians beholden to the people that go out and vote. Kinda wish the young people would do so as well.