[quote=The-Shoveler]OK so you screw the bond holders, and you get rid of prop 13 for non-owner occupiers ,
In the extreme Case that is L.A. city, That will Still not get L.A. out of the giant hole they dug, or get them any further from the impending insolvency.
On top of that no one will ever (EVER) lend you money ever again (EVER!).[/quote]
What makes you think that won’t cover it? We can’t really know until we get a market valuation for all properties that are not single primary residences that are paying below-market taxes.
Whether it covers it entirely or not, we don’t really know, but the housing stock in LA is quite old compared to SD, and there are many longtime owners and corporate owners (Prop 13 tax rates can be passed to new owners without reassessment through certain ownership types) who are not paying anywhere near market taxes on VERY, VERY expensive properties.
