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Property taxes have driven out at least some of those folks who bought a house 30+ years ago.
Then again, if you bought a house for $150K in 1985 it's now worth $700K so that cash out is pretty bliss.
That kind of **** didn't happen in Akron or Grand Rapids.
One rarely hears those relocating for property tax reasons talk about the windfall they receive upon the sale of their homes. Same deal with long term owners in gentrifying areas.
Let’s not forget that some of those owners prematurely withdrew equity out of their homes and many of them did so to live beyond their means. This phenomena is certainly not limited to NY.
By law, surpluses in the SS Trust Fund MUST be invested in special issue treasury securities that pay interest and are backed by the full faith of the Federal Government.
These “ investments” create a source of funding for the Federal Government. Depending on timing, these borrowings were either on or off the balance sheet, an accounting maneuver than had no impact on availability of funds for federal spending.
You need to keep up. NY LOST a seat on the U.S. Congress because people ARE moving out.
People ARE moving out of Ca.and NY These are the top 10 states people are moving out ofAshley Collmanay 28, 2019, 9:38 AM
"Shayanne Gal/Business Insider
Census data for 2016 and 2017 shows which state
New York, Illinois, and California are seeing the most residents pack up and leave for other states.
Among the issues are high taxes, real estate prices, and the cost of living. "
New York, Chicago, and Los Angeles are the largest cities in the country, but their respective states are actually seeing the most people packing up and leaving. "
personally I wish I had a dollar for every time some one predicted the demise of NY or California. especially California. come on, people have predicting it's demise for the last 70 years. I've heard every thing from breaking off and sliding into the ocean to being over run with zombies..
You can cash out though...as I just noted. Ok, you have to move to Toledo or Little Rock but it's not like the government has systematically screwed over a certain group. They systematically screwed over people evenly depending on your outlook.
You did get to live in greater L.A. or San Francisco for say 30 years instead of Flint. That has to be worth something. Whatever that is...is up to the individual.
Long term owners in the greater LA or Bay Area have done very well over the past 30 years in terms of appreciation. Flint- not so much.
California is very property tax friendly to long term, owner occupied, housing. Two identical homes/ properties, side by side, can have very different bases for property taxes, depending on when bought.
One multi- million property might be taxed $5000 a year, while the identical house next door might be taxed $45,000 a year.
No question the year round weather is better in the greater LA and Bay Area than in Flint.
No question there are more opportunities for educated people with in demand skills in Cali than in Flint.
The entire western US has been populated by those leaving California over the past 30+ years. Even Montana and Wyoming are now home to many California refugees.
It's a weird dynamic that Team Red is trying to selling us: if all taxation was equal across the board and COL was equal across the board then supply and demand for housing & jobs would also be equal between Santa Monica and Little Rock.
You get what you pay for. It would be the same way without a government. I don't know how this is so hard to understand.
I mean...did people move to the Rust Belt 70-80 years ago for the weather and physical beauty? No, they moved there because they could get a job with a 3rd grade education and little to no skills that paid for their home, wife, kids, health care, and car. You worked hard, sure, but there it was: Americana.
Again, I don't understand how this is so hard to understand.
Generally speaking:
Worked out quite well for white economic migrants.
The white economic migrants with 3rd grade educations were put on the line. The black economic migrants with 3rd grade educations were given brooms and toilet brushes.
The white economic migrants could live anywhere. The black economic migrants were denied housing opportunities and paid higher rents than white economic migrants.
The funding for education depended on if it was a white or black neighborhood.
The truth is that people aren’t fleeing New York or California in droves like people love to say. Sure, people leave, but the replacement rate is astonishing.
Supposedly, California is emptying out. That’s obviously a lie. Every time I visit (7 or 8 times a year), it’s just as crowded as it’s always been and in some parts, it’s even more crowded.
40 million people in California. Not likely most, including the middle economic class, are leaving the state.
It's not a double standard. There's a SIGNIFICANT difference. The Federal Reserve can create additional cash out of thin air via QE (and they did so after 2008, more info below). States cannot. BIG difference.
A lot to unpack, there, so let's start with crashing the economy... The problem was the $2.4 trillion "Affordable Lending" program implemented by the Bill Clinton Admin's HUD Secretary, Cuomo, that required Fannie and Freddie to buy high-risk mortgage loans made to those with no/low-credit ratings and/or insufficient income to qualify for the loan under regular standards.
The result? Mortgage meltdown, requiring the Federal Reserve to create $2 trillion in QE out of thin air to buy Fannie and Freddie MBS after the 2008 mortgage meltdown. $1.45 trillion worth is still on the Federal Reserve's H.4.1.
Those F&F MBS will just roll off the Federal Reserve's H.4.1 as they mature, paid or not. We'll never know because the Federal Reserve doesn't have to recognize or state losses. They just reduce/erase the line item on their H.4.1.
And that all happens WHY? Because that $2 trillion artificially created by the Federal Reserve to buy F&F MBS was created with just key strokes and can be erased/deleted just the same without anyone losing any money. The only negative result is that the QE used to buy the F&F MBS that contain mortgages that default and are never paid off can never be reined back in, so it devalues the US Dollar by that amount.
Oh, and just for grins... Tens of thousands of mortgage borrowers, if not more, will get their homes for free as this all continues to play out and their mortgage debt just rolls off the Federal Reserve's H.4.1, unpaid...
Now... as to the wars... Bill Clinton signed the Iraq Liberation Act in 1998. You can't depose a regime and liberate a country without invading it. Bill Clinton NEVER should have signed that Act into law. And Obama got the US involved in Afghanistan and Syria. Few will admit it, but Obama was a warmonger. Obama set the record of being the ONLY US President in history to be at war the entire 8 years of his two terms in office.
Overspending is adding debt. Cut all programs that have no Constitutional mandate. You can read what those are in Article 1 Section 8, which states that the Fed Gov can levy taxes and then specifically enumerates the services the Fed Gov is authorized to administer with those taxes. All others are the purview of the states, or of the people (voluntary donations to and/or participation in charities, etc.).
Sorry, I don't have anything to unpack. Everything is clear. I know exactly what caused the crash and who started the wars.
So you are fine with printing money? Got it.
I'm still waiting on my old request to point to the page line, that says "spend 1 trillion + on "defense"".
And if you don't have it, print it. Now, if you have trouble finding that particular reference, at least point me to the place where it says "spend more than the rest of the world combined".
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