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Veto! - Drunk and Bitter Jesus

Sep. 16th, 2008

04:56 pm - Veto!

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The Governator just vetoed the California state budget, and I realize that I don't have the information needed to know if that's a good thing or a bad thing. On the one hand, the new budget apparently represents an $8B increase for a state that's already in the hole. On the other hand, the state needs a budget. Even though I just bought property, I think I still support the repeal of Prop. 13, which would circumvent a great deal of this nonsense and restore to California's budget a funding level commensurate with its size. Conventional wisdom is that Prop. 13 is the third rail of California politics, but I wonder how true that is.

Current Mood: thoughtfulthoughtful

Comments:

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From:aoibhill
Date:September 17th, 2008 12:13 am (UTC)
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It's true. A lot of people would be fucked if it got repealed.
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From:bitterjesus
Date:September 17th, 2008 03:45 am (UTC)
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That's why they have grandfather clauses.
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From:aoibhill
Date:September 17th, 2008 04:53 am (UTC)
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Hmmm... well that changes things.

From what little I've heard about the budget, it sounds completely retarded and I'm beginning to admire Arnold's balls.
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From:black_reaver
Date:September 18th, 2008 08:47 pm (UTC)
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Prop 13 is indicative a larger issue with budgeting in California. Because we have a relatively easy initiative and recall process. Many many initiatives have been passed that either mandate moneys be spent on certain things or revenues generation restricted to financing specific causes. As a result so much of the California budget is inflexible.

As a side thought, if you repealed Prop 13 imagine what that would do to real estate value in California. If you thought we're in a housing slump now, you haven't seen anything yet. The real cost of buying property in the State would scare off a lot of buyers. Would you have bought your place if the real estate tax on it was oh say triple or quadruple what it is now?
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From:bitterjesus
Date:September 18th, 2008 10:36 pm (UTC)
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Yep, repealing Prop 13 would do interesting things to property values, but I imagine it would do less than most people think. As I understand it, Prop 13 sets state property tax on a given property at a rate based on the value it had when it was purchased. As a result, people who have had properties for a long time benefit, but people (like me) who just bought do not, at least not in the short term. The upshot would probably be that real estate values in the state would be lower than they are but probably not by all that much.

I think that now would be the perfect time to repeal Prop 13, actually. Everyone's property values are way down, anyway, so people would be hit less hard, and there might be a damping effect on housing prices, keeping them from ballooning so outrageously.
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