August 20, 2003

Prop. 13 and Scheer

Stefan Sharkansky points out a consequence of Prop. 13:

Because property values are reassessed to market value only at the time of a sale, there is an enormous advantage to long-term owners at the expense of those who enter or re-enter the market. It is precisely a form of rent control with the same undesirable side effects. Do you want to give young entrepreneurs with growing families a reason to leave California to start their businesses elsewhere? Prop. 13 is the solution for you!

He then does some digging into the property holdings of capitalism-basher Robert Scheer.

"Weekly Canard" [via InstaPundit]