this post was submitted on 02 Aug 2023
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City Life
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Single family zoning as far as the eye can see. San Francisco simply cannot grow due to the stupidly restrictive zoning. Combine that with prop 13 limits on property tax based on purchase price rather than market price of the property, you got a bunch of land horders who are not pressured to better utilize the limited space that we have as a city.
In turn, this makes rent stupid expensive, and the housing stock really bad for renters.
Until you realize overwhelming majority, (70+percent) of the tax deduction is on commercial property (hence California strip malls because you’ll never get updated tax when you never upgrade your commercial facility) and luxury residential property over 2mm and that’s why we have to have income tax in California.