And commercial properties have enjoyed an even bigger Proposition 13 benefit by using legal maneuvers to avoid reassessment at the time of sale.
“We built Santa Monica on the backs of these people and now we simply can’t house them,” Himmelrich said. She said she and her husband — like her, an attorney — expect to pull about $200,000 out of their own pockets in trying to qualify a ballot measure that would add a 5% tax on residential and commercial properties that sell for $8 million or more.
It’s easier to pass proposals that add a tax only to high-end sales, because only the very wealthy take a hit. But Culver City Councilman Alex Fisch pushed for the $1.5-million threshold as a matter of principle. He said he wanted more people “to have skin in the game” rather than slapping a big tax only on the wealthiest residents.Under the United to House L.A. initiative, the current 0.45% transfer tax would jump to 4% on property sales above $5 million, and go up to 5.
10% of the gross to the indigenous tribe that once occupied the unceaded land should be a step in the right direction. IENearth
Some people just really need to work harder and stop publishing this bullshit, if you’re not waisting your time and working hard of course you can afford housing and education and etc. raising taxes for people who put time into work is unfair
California has a $100 billion budget surplus and this clown wants to add more taxes.
The article states, 'And it doesn’t help that corporations are snatching up houses and turning them into rentals, squeezing out prospective buyers.' If you stop this process, then housing prices will go down and there will be no need for this tax.
Californians are already some of the highest taxed citizens in the US. Taxing them more isn't the answer, how about accountability for how tax money is spent ?
Over my dead body.