Too much fiat currency buying fixed supply of goods.
If what happened in Ca in the mid 70s happens across America now, house prices double in 4-5 years, driving up real estate taxes. Where there is no limit set on how much the appraised value can rise, the taxes drive individuals on fixed income out of their homes as they cannot pay the taxes.
“If what happened in Ca in the mid 70s happens across America now, house prices double in 4-5 years, driving up real estate taxes. Where there is no limit set on how much the appraised value can rise, the taxes drive individuals on fixed income out of their homes as they cannot pay the taxes.”
Prop 13 was one of the few, really good things California has done. Democrats own homes too, which is why it has been so hard for Democrats to attack it.
Biden is trying to raise capital gains taxes to capture some of the money when people are forced to sell their properties.
The left hates the idea of Middle Class intergenerational wealth transfer. In their mind, everyone should be poor, except for the super rich and those connected to Government.
I thought Prop 87 fixed that. I know it did for my parents house in Sunnyvale which my Dad still owns. Assessed values were capped in how much they could go up to protect people. Part of the tax revolt back then.