The Homeless Industrial Complex costs billions (staff, cars, buildings, trips, payoffs, etc.)
No doubt all the correct liberals got to dip their beaks $$$ into the pot. Unions, pols, etc.
Posted on 03/20/2023 7:19:04 PM PDT by ProtectOurFreedom
Though it’s home to some of the most expensive real estate listings in America, California is readying to pass a housing bill that one "Million Dollar Listing" agent warned could create the "hardest hit" to the market since the 2007-08 crash.
"In about ten days or so, there's a measure called the ULA measure that's going to go into effect, which is going to be probably the hardest hit to the real estate market that we've seen since 2007," broker Josh Altman said on "Varney & Co." Monday.
Altman’s comments come in response to the recently-passed "United to House L.A." (ULA) measure in California, which adopts a so-called "mansion tax" on property sales or transfers over a certain value to pay for affordable housing.
Properties sold above $5 million but below $10 million are subject to a 4% sales or transfer tax, while properties that sold for more than $10 million will face a 5.5% tax, according to the city clerk’s voter information pamphlet.
At least 92% of taxpayers' money would "fund affordable housing under the Affordable Housing Program and tenant assistance programs under the Homeless Prevention Program," the pamphlet also clarified.
California's "United to House L.A." measure will create "the hardest hit to the real estate market" since 2007, "Million Dollar Listing" star Josh Altman said on "Varney & Co." Monday.
"The way that this ULA measure was passed is just mind-boggling to me," Altman added, "and I think it's one of the most ridiculous bills that I have ever seen in my entire 20-year career."
The Los Angeles city administrative officer estimated the proposed tax could generate $600 million to $1.1 billion in revenue each year. However, he noted it would "fluctuate" based on how many property transactions with values within the scope of the tax actually occur.
(Excerpt) Read more at finance.yahoo.com ...
Altman said "I'm seeing deals get done that should never have gotten done. I've even done as much as, on a $28 million listing that I have, we have offered a $1,000,000 bonus for anybody who buys and closes before April 1."
The idiots that passed this actually think they can "solve" the homeless bum problem by paying more money to homeless bums. Either they 1) don't have a clue that when you offer more money you get more of something or 2) it is their objective to get more homeless bums. Look at empirically -- every program that has given homeless bums more money has GROWN the homeless bum population exponentially. Only a Dem politician can not see that.
With Brandonflation, all the suburbs would be filled with $5 million houses soon.
Great new ideas from California:
Gasoline cars? Nope
Natural gas furnaces? Nope
Natural gas cooktops? Nope
$5 million + "free" $97,000/year income + "free" houses in San Francisco? Yep
Free healthcare for invaders? Yep
Great old ideas from California:
Water projects? Nope
Highest taxes in the country? Yep
Filthy, unlivable, dangerous, high crime cities? Yep
Defund the police? Yep
Is this a great state or what?
Agreed...
I think you took it easy on them too. LOL
Here comes a market for $4,999,999,99 houses.
That is, until the next guy offers $5,000,000.00 and is more than willing to pickup the extra $200,000.00 in taxes.
The effective property tax rate in California is .76%.
The effective property tax rate in New Jersey is 2.47%.
Well...some of the previous homeless developments cost $600,000 PER UNIT. Very small. No doubt all the correct liberals got to dip their beaks $$$ into the pot. Unions, pols, etc.
The Homeless Industrial Complex costs billions (staff, cars, buildings, trips, payoffs, etc.) A few hundred are taken off the street, for a while, until they decide the street is better, or at least less rules.
And Rat Party politicians in states like NY,Kalifornia,etc wonder why their more affluent residents are fleeing to states like Florida and Nevada.
Okay, let’s say that I have a $6 million home that I want to sell. Maybe I shoehorn in a few walls and doors and pay a lawyer to ram through a conversion into 2 condos, $3 million each to buyer who just happens to want to buy both... no mansion tax?
That’s nice.
But you add up the highest income tax in the nation, the highest sales taxes in the nation, and moderate property tax and you get the #10 highest tax state in the country.
So your point is?
brilliant
The Jarvis Prop 13 made property taxes in CA predictable. A flat 1% of your closing price and a max 2% per year increase. It is the ONE THING the state has done right to avoid forcing retirees out of their homes.
But there is wreckage and carnage everywhere.
“Homeless Industrial Complex costs billions”
Exactly right. We were so much better off when families, towns, local charities, and churches cared for the indigent and poor. Now you have the totally uncaring, gargantuan, evil and insatiable Homeless Industrial Complex.
You know people will be doing their planning around ideas like that.
We are already paying the damnable 3.8% Obamacare tax on property sales. This will be loaded on top of that.
The Homeless Industrial Complex costs billions (staff, cars, buildings, trips, payoffs, etc.)
No doubt all the correct liberals got to dip their beaks $$$ into the pot. Unions, pols, etc.
Calif property taxes are based upon purchase price.
IIRC-—Currently about 1.25% of sale price.
SOOOOO—$1 million property gets tax bill of around $12,500
Sounds correct to me.
Prop 13 also includes LOCAL bond costs.
That rises to about 1.25 % of sale price.
How many buyers would pay a seller CASH on the side to stay below these taxes???
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