(LA Times) Rental home costs are going to continue to rise–nearly 78% of Southern California apartment building owners say they plan to hike rents in the next 12 months according to a new survey from real estate broker Marcus & Millichap about 22% plan to increase rents by at least 3%
On the 04 June, I wrote here that over half of Americans reportedly are already struggling to keep their homes and the problem is only going to get worse.
Say Good-Bye to Prop 13 ?
In May, The Sacramento Bee–Capitol Alert reported after decades of wrangling by Democrats (that just can’t seem to confiscate enough of taxpayers money to spend, I digress) during a hearing of the ‘Assembly Revenue and Taxation Committee’ lawmakers agreed on changes to the 1978 law governing reassessments of commercial property when it changes hands, citing one of their old stand-by favorite liberal arguments ‘fairness’ of the tax system, as if voters were not smart enough when Prop 13 passed by a 2 to 1 margin.
Will confiscating more money from commercial/business property owners actually result in more “fairness” that Democrats like to claim or just raise the costs of doing business and make things (such as rental costs) more expensive?
The latter of course, as Forbes correctly points out–Corporations (such as rental property owners) don’t pay taxes they pass on their business costs and expenses to their customers or in this case, to their tenants in the form of higher rents.
Why is it that California voters continue to reelect liberals to Sacramento is anyones guess–Just as, how many licks does it take to get to the ‘Tootsie Roll’ center of a “Tootsie Roll Pop” the world may never know?