Home › Forums › Housing › What will the repeal of Prop 13 do to the market? › my argument is that house
my argument is that house prices would drop because turnover would increase.
Right now i’d bet a large number of people are sitting on property because they want to avoid a sales tax reset.
Investment property, underutilized property. etc.
If the taxes kick up, it will spur some people to sell, and at the same time, it will open opportunities to buy.
Because Supply is so restricted, prices for lower quality is too high.
Here we will see Beach front shacks come out and yeah they will move.
but the healthiest thing for california would be a 15% price drop followed by more ordinary turnover.
