I'm skeptical about the property taxes argument. The Northeast and IL have super high property taxes and it hasn't made things more affordable. Florida and the non-texas Sunbelt have low property taxes and it hasn't made things expensive.
When your average mortgage is 6.X%, whether your property taxes are 1.X% or 2.X% is kind of a rounding error on the cost of homeownership for new buyers.
Also, every property tax law I've seen has a ton of carve outs for long time homeowners and seniors. The politics of this is obvious, and there is also the economics (trying to hang onto/attract seniors who are desirable economic residents and who are not tied to their home by a job).
When you raise property taxes it almost always falls on new buyers (i.e. young people).
My personal experience with northeast property taxes is they become a way for the local corrupt governments/teachers union to siphon off a lot of wealth from residents and higher property tax rates are usually associated with poor governance and middle class flight.
so many yimby wins in Texas. Happy to see it!
I'm skeptical about the property taxes argument. The Northeast and IL have super high property taxes and it hasn't made things more affordable. Florida and the non-texas Sunbelt have low property taxes and it hasn't made things expensive.
When your average mortgage is 6.X%, whether your property taxes are 1.X% or 2.X% is kind of a rounding error on the cost of homeownership for new buyers.
Also, every property tax law I've seen has a ton of carve outs for long time homeowners and seniors. The politics of this is obvious, and there is also the economics (trying to hang onto/attract seniors who are desirable economic residents and who are not tied to their home by a job).
When you raise property taxes it almost always falls on new buyers (i.e. young people).
My personal experience with northeast property taxes is they become a way for the local corrupt governments/teachers union to siphon off a lot of wealth from residents and higher property tax rates are usually associated with poor governance and middle class flight.