When is the Next CA Housing Price Collapse Supposed to Happen? (Oakland: credit issues, relocation)

[Des-Lab]

California has openly declared war on property owners. Particularly single family homes. ESPECIALLY single family homes. I can't imagine how anyone who lives here can not see or deny that.

One possible scenario I can see where home prices/values absolutely crater would be if Prop 13 passes.

Its supporters are claiming it has "nothing to with repealing 1978 Prop 13", when in reality it has EVERYTHING to do with exactly that.

Sure, it's only targeting businesses at first. Or, so they claim. This is just 'testing the waters'. This alone should and would, in a sane world, stop it cold in its tracks. I can't believe there are millions of people out there stupid enough to believe that they won't be the ones that ultimately pay. Sure, at face value, it might generate a sense of smug satisfaction thinking you're "sticking it to them business owners". You really think they're going to just sit there and say "oh well" and just eat it?

Hell effing no. Prices for everything, and I do mean everything.....from the Dollar Store to Target to Macys will skyrocket. And that's just for the businesses that stay. Many will probably say that the size and concentration of the CA market simply isn't worth it anymore and throw in the towel and abandon the state completely.

And you can absolutely bet that if it passes, make absolutely no mistake about it, residences WILL be next. No ifs, ands, or buts about it.

All of that may finally prove to be the last straw for many incumbent Californians. The current flow will become a full blown mass exodus.

That in turn will mean the markets suddenly flooded with houses for sale from people looking to flee. No way prices don't absolutely come crashing down in that scenario.

-Which is exactly what many people-Millennials in particular-are absolutely salivating for. Of course, not realizing the underpinnings of why that happened in the first place.

Guess they'll have to learn the hard way.

But perhaps this "unintended consequence" is in fact very intentional. After all, they are the ones who are most vocal about Californias "alleged" housing crisis. And Emperor Newsom is listening.

So if established homeowners won't lower prices and take haircuts (but giving a Snowflake the 'cool kid discount and love') and they won't leave voluntarily and you can't outright confiscate their homes, then just push them out by means of taxation.

It'll be interesting to see what happens when Californias unquenchable thirst for more and more taxes collides head on with the sudden lack of taxpayers to take from.

[D-Doc]

I don't own a house here so I hope that exact scenario happens. I'll vote to pass prop 13. Could give two ****s who gets burned. Sucks but that's the world you left us with. Once that's all said and done maybe home owners here will have an incentive to stop the endless foreign investment, immigration, nimbyism, etc.

[OptimusPrime69]

Voting for prop 13 to pass. Sucks for home owners if it passes, but I'm not one, so I literally don't care....

[evening sun]

Well, if you are not home owners, I presume you are renting, so increase on tax translates to higher rents.

[CA4Now]

Originally Posted by Des-Lab

California has openly declared war on property owners. Particularly single family homes. ESPECIALLY single family homes. I can't imagine how anyone who lives here can not see or deny that.

One possible scenario I can see where home prices/values absolutely crater would be if Prop 13 passes.

Its supporters are claiming it has "nothing to with repealing 1978 Prop 13", when in reality it has EVERYTHING to do with exactly that....

There's another thread for this discussion: https://www.city-data.com/forum/cali...20-ballot.html

[Des-Lab]

Originally Posted by OptimusPrime69

Voting for prop 13 to pass. Sucks for home owners if it passes, but I'm not one, so I literally don't care....

Well you should. Because.....

Originally Posted by evening sun

Well, if you are not home owners, I presume you are renting, so increase on tax translates to higher rents.

Not to mention cost of buying anything. If you do any shopping of any kind, groceries, Walmart, clothing, electronics, household goods...like I said...anything.

-Expect the amount you will pay to double. So if you're viewing a "yes" vote through the prism of spite and resentment/jealousy for homeowners thinking you're going to sink them financially, directly or indirectly, you will go down with them.

But maybe that's what you want. With that kind of attitude, you've already tethered yourself to a spiteful "If I can't have it, then no one should have it" defeatist attitude.

[bad debt]

Originally Posted by Des-Lab

Well you should. Because.....



Not to mention cost of buying anything. If you do any shopping of any kind, groceries, Walmart, clothing, electronics, household goods...like I said...anything.

-Expect the amount you will pay to double. So if you're viewing a "yes" vote through the prism of spite and resentment/jealousy for homeowners thinking you're going to sink them financially, directly or indirectly, you will go down with them.

But maybe that's what you want. With that kind of attitude, you've already tethered yourself to a spiteful "If I can't have it, then no one should have it" defeatist attitude.

So your logic is if Prop 13 is removed then the price of "everything" including "groceries, Walmart, clothing, electronics, household goods" will"double". Your words.

How come in states where Prop 13 doesn't exist the prices of those goods aren't double what they are here? I am SUPER curious to hear your explanation.

[D-Doc]

Originally Posted by Des-Lab

Well you should. Because.....



Not to mention cost of buying anything. If you do any shopping of any kind, groceries, Walmart, clothing, electronics, household goods...like I said...anything.

-Expect the amount you will pay to double. So if you're viewing a "yes" vote through the prism of spite and resentment/jealousy for homeowners thinking you're going to sink them financially, directly or indirectly, you will go down with them.

But maybe that's what you want. With that kind of attitude, you've already tethered yourself to a spiteful "If I can't have it, then no one should have it" defeatist attitude.

This state needs a rebirth. It'll be ugly but worth it in the end. I can leave at anytime and will if it makes sense.

[Tulemutt]

Originally Posted by D-Doc

This state needs a rebirth. It'll be ugly but worth it in the end. I can leave at anytime and will if it makes sense.

Please do (leave). Makes perfect sense to me you should.

And take 10-20 million more people with you. Texas. Arizona. Idaho. Wherever.

[dcisive]

If Trump isn't reelected you can count on a crash of the markets that will NO doubt effect the entire housing market. That's not all of it needless to say. Business investments will tank and who knows just how bad it could get......but rest assured it will make 2008's crash look like a cake walk. Say what you will you're in for a very bad ride if your hatred gains ground