I don't see many people mentioning a proportional value-based land tax, which would probably be about the first thing a traditional economist would recommend?
Brings down prices, hurts land-banking, increases density, generates revenue for infrastructure, captures public benefit from value increase, etc...
Hurts grandmas/grandpas who lucked into houses with high property values, who could be rich but don't want to be because they have personal reasons not to move.
These are incidentally severely overrepresented among voters, and their votes are amplified by how easy it is to paint someone following the economic wisdom as an evil grandma-displacer.
It's much more politically convenient to displace young minorities. Nobody will really speak up for them, and they won't vote against you because you displaced them and they live somewhere else now!
One solution would be to defer tax payments and put a lien on the property instead, payable upon change of ownership. That way no one will be forced out of their home, and the government can even use those liens as collateral if they need to borrow funds for current operations.
Allow those liens to compound over enough time, and eventually they become more than the value of the home. Also, many of these voters want to leave their property to their children, not the government.
Sure, but just how much government we need is always a political question, subject to much debate. The point is, the solution isn't as simple as raising taxes.
The biggest stakeholders (landowners, especially corporate ones) don't want a value based tax, the only way it'll happen is if the rest of the state decides that the circus going on in the city is causing enough problems that taxes are happening with or without the city on board.
Prop 13 is pretty well baked into the state’s politics and any reform would have to start there. Most likely reforms are letting a home’s taxable value increase by more than 1% a year, especially if you are under 65.
I still don't get why younger generations should shoulder the burden of the mistake that was Prop 13. Start by jacking it up on those who have benefitted and profited the most.
Brings down prices, hurts land-banking, increases density, generates revenue for infrastructure, captures public benefit from value increase, etc...