[quote=bearishgurl][quote=CA renter] . . . I also think Mello-Roos bonds were created so that land owners and developers could make more money. These are expenses that should rightfully be borne by them. If the new housing prices don’t support the costs + profits (which should be lower than they’ve been, IMHO) for the developers/builders, then the land prices need to come down. One, or the other. . . [/quote]
Agree CAR, and if land didn’t and won’t come down in price, then the “mega-developers” will have to leave the state to build (many already have).
Ex: the $120K in “MR” ($4K per yr x 30 yrs) should have been added to the property’s original sales price when the new subdivision was marketed. Then, it would have had a higher “sold comp”, albeit “a new construction sold comp.” If the developer didn’t think this extra $120K tacked to the purchase price would “pencil out” for his “target buyer audience,” then he wouldn’t have built the subdivision in the first place!
As it stands, ALL county taxpayers are subsidizing dozens more County Assessor employees to collect, process and “tickle” all these extra property taxes, whether paid on time, delinquent or not at all.[/quote]
Yes, totally agree. Also, the developer doesn’t need to leave town. If the cost of the finished product is too high for the target market, then the input costs are too high. Chances are, the land cost is the #1 culprit. If all developers/buliders refused to overpay for land, this would not be a problem.
Also, while everyone knows that I fully support municipal employees and infrastructure, I also think there is a TON of waste, fraud, and abuse in municipal/public finance. This needs to be cleaned up, so that the fees can be reduced.
