> they’ll become fantastically wealthy in such a scenario If they leave immediat... | Hacker News

Hacker Newsnew | past | comments | ask | show | jobs | submit

pessimizer on Oct 23, 2021 | parent | context | favorite | on: Long Beach has temporarily suspended container sta...

> they’ll become fantastically wealthy in such a scenario

If they leave immediately, rather than struggling to pay their massively increased property taxes, then mortgaging their house to keep up...

> by limiting property tax increases, California’s prop 13 is like a wealth SUBSIDY

...which apparently is a good outcome?

Robotbeat on Oct 24, 2021 [–]

More nominal wealth that reduces actual physical wealth (by slowing the improvement of land via adding denser housing) is not a good outcome. It’s just redistribution of wealth from newcomers or renters to existing homeowners.

Consider applying for YC's Fall 2026 batch! Applications are open till July 27.
Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact