Quote:
Originally Posted by BigV
There have been some spectacular failures of successful ballot initiatives. Prop 13 comes to mind. The unintended consequences of that well intentioned measure were devastating to the public schools. There were other tax funded organizations that suffered greatly. |
The alternative to to Prop 13 is to force people to move out of homes they've lived in their entire lives when an insane real estate bubble shoots the price of their home up by 100% in 5 years.
When my dad retired, his home was worth 1.1 million. It's a modest 3 bedroom track home in a very hot real estate market. Without prop 13, my dad would have had to come up with $11,000 a year to stay in his home. If he couldn't make that payment on his retirement pension, he would have been forced to sell his home.
The alternative to prop 13 is to leave long-term homeowners hostage to the inflated prices jacked up by speculators and foolish buyers.