Real Estate Matters
Original post made on Feb 19, 2014
Read the full story here Web Link posted Wednesday, February 19, 2014, 10:02 AM
on Feb 19, 2014 at 10:48 am
This change in the capital gains tax is stupid and self-defeating as a revenue generator. Because of Prop 13, we older homeowners are paying a fraction in property taxes as our newer neighbors. Our home is now worth over 5X what we paid for it a quarter century ago. If we sold it, the new owners would be paying 5X the property tax of what we pay - FOREVER! Having raised our kids, we would like a smaller home, but the capital gains keeps us from moving. Also, if we moved, our new, smaller house would be more energy efficient.
on Feb 19, 2014 at 2:53 pm
Part of the problem is speculative buyers from overseas. What middle class family (especially if, God forbid, they need a mortgage) can compete with these all-cash buyers for a place to live?
on Feb 19, 2014 at 3:56 pm
Middle class? Palo Alto shut the door to them a while ago, though at the very least there is hope that affordability might be discussed, now that the affluent are feeling the effects of being priced out.