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Slate: CA Tax Loopholes Drive Up Housing Prices, Hurt Young & Poor

A blistering commentary from Slate excoriates the tax loopholes included in Prop 13 and calls for tax reform to help California’s middle and working classes. Slate writer Henry Grabar explains that Prop 13’s tax loopholes create an incentive to hold on to owned property for as long as possible, meaning only a tiny percentage of homes are on the market in a given year, driving prices sky high. Grabar also explains that the loss of tax revenue from the Prop 13 loopholes have caused surges in sales taxes — which disproportionately hurt the poor and working class.

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