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Izeinwinter comments on Open thread, Dec. 29, 2014 - Jan 04, 2015 - Less Wrong Discussion
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Hope being that if taxed at accurate values and permitted to do so, some of the more desirable locations would morph from houses into condominiums?
Pretty much. Also, increasing liquidity/mobility in the housing market. Prop 13 is an especially foolish and insane policy because it incents real estate owners not to sell, in order to keep their advantaged taxation on the house.