I do believe that citizens are generally not well-educated in terms financial matters and income equity. They have elected to privatize many services which are equivalent to huge tax increases. They don’t care because they haven’t experienced the results yet.
Think of all the mini-governments (HOAs) out there sucking-up 25% of homeowners’ money.
I shouldn’t have said that citizens are stupid but they are certainly ignorant.
I’m still young enough to sit back and watch the condo/gated community madness unfold. Let’s see when the 1970s complexes hit 50 years old, and 20 years later when the 1990s communities hit 50 years old.
I think there’s a huge amount of unfunded reserves that will result in special assessments as the condo complexed get older. After-all, buildings only have a limited useful life.
A $10,000 property tax assessment would normally result in a mini revolution (see Prop 13). The future will bring us a lot of $10,000 – $50,000 special HOA assesments for property, road and private infrastructure repairs. Property owners will just have to take Zantac and pay up.
