🚀 go-pugleaf

The current issue of MONEY has an editorial claiming that Prop 13
caused control of local finances to pass up to the state legislature
with bad results for the local school systems.  It's interesting reading.

I bought my house in 1986 and watched the value (based on sales going
on around me) go up about 50 percent.  My income during that time
probably went up 5-8%.  The point is that when you initially purchase
a house, your income is such that you can afford it.  If there is
significant price appreciation, there is not necessarily corresponding
income appreciation.

Of course, the legislature regarded the increase in property valuations
as 'found money' and didn't offer any relief until backed into the
corner.

Prop 13 is clearly imperfect, which may point out a defect in the
initiative system.  OTOH, without the initiate system, nothing would
have been changed.

Blaming California's problems entirely on Prop 13 is absurd, IMHO.
Southern CA grew on the defense industry buildup and it's sagging on
the wind down.  Shouldn't be a surprise to anyone.
-- 
Maurice Suhre
suhre@kaiwan.com