LA/OC's trillion dollar economy (Los Angeles, San Diego: 2015, rental, taxi)

[LuvSouthOC]

LA/OC is second only to NYC/NJ, now exceeds one trillion dollars.

From the article:

The L.A.-O.C’s real GDP grew 2.1 percent last year, and my trusty spreadsheet tells me that was pretty run-of-the-mill — ranking 27th best among the 50 largest metro areas nationwide. Last year’s growth was a dip from 4.7 percent growth in 2015 (ranking No. 14) and 3.9 percent growth in 2014 (12th best).

In the Inland Empire, the economy grew 2.6 percent last year, 17th best among the 50 largest. It was a dip from 4 percent in 2015, which also ranked No. 17.

Meanwhile, San Diego sputtered: 0.3 percent growth last year — eight worst among the 50 largest — and 0.4 percent in 2015, fourth worst.

Los Angeles-Orange County economy hits $1 trillion – Orange County Register

[pacific2]

This is an interesting tidbit:

Los Angeles-Orange County economy hits $1 trillion – Orange County Register
Nationally, if L.A.-O.C. was its own state, its annual output would rank behind California, New York and Texas and just ahead of Florida.

[BB_210]

"my trusty spreadsheet"

I don't have to click on the link to know that's Lansner. One of his recent articles was about how to make housing more affordable by taxing people more. Lol.

[CaliRestoration]

Originally Posted by max210

"my trusty spreadsheet"

I don't have to click on the link to know that's Lansner. One of his recent articles was about how to make housing more affordable by taxing people more. Lol.

Lansner is an idiot. He probably doesn't actually own property in any amount sizable enough to know what he's actually talking about. He's basically a copy and paste statistics from Redfin/Shiller and report the findings, he doesn't have any actual respectable insight.

You want to make housing more affordable? Copy Texas. Get rid of the state income tax, and let the property taxes hit 3%. You're simply shifting the burden from income tax to property tax, but just think from a macro perspective what that does to rental unit owners who are out of state.

Democrat politicians are for the most part short sighted, and extremely predictable when it comes to tax strategy though.

But by ALL MEANS, continue to subsidize me indirectly for owning property in California. Win-win for me.

[expatCA]

Originally Posted by CaliRestoration

Lansner is an idiot. He probably doesn't actually own property in any amount sizable enough to know what he's actually talking about. He's basically a copy and paste statistics from Redfin/Shiller and report the findings, he doesn't have any actual respectable insight.

You want to make housing more affordable? Copy Texas. Get rid of the state income tax, and let the property taxes hit 3%. You're simply shifting the burden from income tax to property tax, but just think from a macro perspective what that does to rental unit owners who are out of state.

Democrat politicians are for the most part short sighted, and extremely predictable when it comes to tax strategy though.

But by ALL MEANS, continue to subsidize me indirectly for owning property in California. Win-win for me.

Housing affordability is not based on taxes in CA or TX. Location, location, location. The expensive areas are near the coast. Lack of land drives prices up as well. TX is a whole lot bigger than CA, so has more land available near the growing areas and CA does not. TX does not have the coastal weather CA does but the Gulf area is also "expensive" for TX. Location and availability of land to build on.

[CaliRestoration]

Originally Posted by expatCA

Housing affordability is not based on taxes in CA or TX. Location, location, location. The expensive areas are near the coast. Lack of land drives prices up as well. TX is a whole lot bigger than CA, so has more land available near the growing areas and CA does not. TX does not have the coastal weather CA does but the Gulf area is also "expensive" for TX. Location and availability of land to build on.

Of course location is the most important aspect.

But Prop 13 easily adds another $16,000+ of profit to me PER YEAR ($1,333 per month) on a rental property in the form of a tax subsidy. That's just simple math. I have multiple properties now being rented in California. It adds up quick.

[majoun]

Originally Posted by CaliRestoration

Lansner is an idiot. He probably doesn't actually own property in any amount sizable enough to know what he's actually talking about. He's basically a copy and paste statistics from Redfin/Shiller and report the findings, he doesn't have any actual respectable insight.

You want to make housing more affordable? Copy Texas. Get rid of the state income tax, and let the property taxes hit 3%. You're simply shifting the burden from income tax to property tax, but just think from a macro perspective what that does to rental unit owners who are out of state.

Democrat politicians are for the most part short sighted, and extremely predictable when it comes to tax strategy though.

But by ALL MEANS, continue to subsidize me indirectly for owning property in California. Win-win for me.

If we copied Texas we would be in much better shape.

For once we are in agreement regarding affordable housing and property tax.

[Californiaguy2007]

Not just the L.A/OC Region,but the entire State of California's productivity is just mind boggling....California has a Larger Economy than Canada,Mexico,Australia,Russia,Brazil,Argentina or India..All of which have a much Larger Landmass than California,or a much Larger Population than California such as in India,Brazil,Mexico and Russia.

California truly is The Golden State that lays the Golden Egg

[CLT4]

Originally Posted by Californiaguy2007

Not just the L.A/OC Region,but the entire State of California's productivity is just mind boggling....California has a Larger Economy than Canada,Mexico,Australia,Russia,Brazil,Argentina or India..All of which have a much Larger Landmass than California,or a much Larger Population than California such as in India,Brazil,Mexico and Russia.

California truly is The Golden State that lays the Golden Egg

The United States is incredibly wealthy and productive. Almost every single US state is very productive compared to other countries when you stack rank then and it is incredible to see the power of our economy.

Even relatively poorer US states like Alabama (just 4.8 million people), has a bigger GDP than Portugal (10.3 million people), Greece (11.2 million people), Peru (31.8 million people), and the Czech Republic (10.6 million).

The top 5 most productive US states on a GDP per capita basis are (CA ranks 8th):

Massachusetts ($65.5K)
New York ($64.6K)
Connecticut ($64.5k)
Alaska ($63.9K)
Delaware ($63.6K)

If Japan was a part of the USA, their GDP per capita would rank 40th, behind New Mexico and Tennessee.

South Korea, New Zealand, Italy, Spain, Israel, and Cyprus would rank below Arizona in GDP per capita and just above our 50th place Mississippi. Germany's efficiency would only rank 24th in the USA and be below Iowa and just above South Dakota.

[expatCA]

Originally Posted by Californiaguy2007

Not just the L.A/OC Region,but the entire State of California's productivity is just mind boggling....California has a Larger Economy than Canada,Mexico,Australia,Russia,Brazil,Argentina or India..All of which have a much Larger Landmass than California,or a much Larger Population than California such as in India,Brazil,Mexico and Russia.

California truly is The Golden State that lays the Golden Egg

For the rich, but not the majority of the population.