> Dual incomes. It was easier to move when only the father worked.
This is the biggest one. IBM, for example, used to be a moniker for "I've Been Moved". What the wife did simply wasn't considered.
> In the 1960s (which this article uses as a baseline) 70% of households had cars and this number was growing
70% of households had a single car. People have forgotten what a pain coordinating around that was.
> Laws like prop 13 in California gave people incentive to stay in their abode or face rising tax rates.
Not really. A person only lives so long. In addition, houses were turning over at a decent rate in California as people tended to use the previous house to afford the next house.
The real problem with Prop 13 is on commercial real estate because ownership can outlast human lifespan. When I was in the Bay Area, commercial real estate would have something like 15+ layers of subleases in order to get around Prop 13.
Home prices have almost quadrupled in California since 2000.
If you bought a house in California in 2000 for $250,000 you are only paying taxes on it as if it is worth $360,000, due to prop 13, even though it may be worth closer 1M.
If you want to move to a different equivalent house that is the same market value, your monthly tax payment would triple so you probably just dont move. If you want to downsize your tax rate would still likely go up.
Even if you bought a house five or ten years ago the same general pattern disincentivizes moving quite a bit.
This lock in effect was not present in California in the 1960s.
This is the biggest one. IBM, for example, used to be a moniker for "I've Been Moved". What the wife did simply wasn't considered.
> In the 1960s (which this article uses as a baseline) 70% of households had cars and this number was growing
70% of households had a single car. People have forgotten what a pain coordinating around that was.
> Laws like prop 13 in California gave people incentive to stay in their abode or face rising tax rates.
Not really. A person only lives so long. In addition, houses were turning over at a decent rate in California as people tended to use the previous house to afford the next house.
The real problem with Prop 13 is on commercial real estate because ownership can outlast human lifespan. When I was in the Bay Area, commercial real estate would have something like 15+ layers of subleases in order to get around Prop 13.