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Alex Armlovich is at TRB (+ hiring!)
@aarmlovi
Prop 13 is so destructive to California municipal finances that wildfires actually *increase* property tax revenue Burning a California city to the ground has minimal impact on its bond rating & only modestly negative net budget impacts from temporarily higher city spending 😬
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Lyman Stone 石來民 🦬🦬🦬
@lymanstoneky
who happens with property tax valuation when a house burns down in California's crazy system does it stay pegged where it was? or will the new-build property get re-evaluated? x.com/peterpham/stat…
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The Notorious S.E.B.
@bigseb31213
like the study that the Blitz was on balance economically good for London because the bombed areas were rebuilt to much higher density than they would have been allowed to be otherwise
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California has the nation’s highest housing costs. Some blame a housing shortage; others, government policies. We sit down with experts to explore what’s driving costs and discuss the state-mandated Housing Development initiative and why some cities push back.
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Bruce Ross
@530BruceRoss
It's a human tragedy, but strictly looking at gross domestic product, the result of a major urban fire is a massive local infusion of capital from insurance companies, and a building and shopping boom. That generates a lot of economic activity and taxes. Prop 13 is just fine.
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joshua
@joshrydbeck
Yea because they can get a new valuation on the tax basis! It’s a scam but everything California does is a scam.
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1967mustangman
@1967mustangman
Nah man property taxes are evil and using them as a way to engineer people out of long term ownership is an example of this. These measures were passed because people were sick of reassessments sent their property taxes through the roof.
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GoldenBearGuy
@GoldenBearGuy
the low assessments that get transferred elsewhere in the state become a drag on municipal finances elsewhere. Unless people leave CA entirely
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Edwin Herdman
@EdHerdman
The wording is kind of weird because it's more a case that ONLY disasters increase assessed values, and only if certain factors apply. If the property is rebuilt with a small addition, they get an assessment increase only for the amount of square footage added, still a bargain.
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Real Name
@ExactlyBackward
"but then you'd make housing costs even higher! grandmas out on the street, etc!" (i am an outlier among non-Ds in CA in that I want prop 13 gone so they *get what they ask for, good and hard*) ...(that this would also expose real estate to market forces is an upside to me)
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Back to Basic
@JohnA31766772
it gets reassessed. i wouldn't worry about the municipality budget because eventually a new home will be built with a cost basis 900.00 a square foot plus the basis of the lot.
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JayngNSFW
@JayngArt
I bet if they rezone all the affected areas half the people there will sell at a profit and leave the city.
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SCC
@Scorbiot
California saw pyrophilic plants only reproducing after wildfires and they decided that's how things should be ran there.
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rwsanders
@rwsanders
Feel free to take a compensation drives behavior approach to the entire matter. Any federal relief for preventative measures?
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