September 10, 2009
The Wall Street Journal featured research by SPPD Professor Dowell Myers. The study found that California's falling home prices have widened the generational wealth gap created by the state's Proposition 13, which limited property tax rates. According to the research, people who recently bought homes have suffered the greatest loss of housing value but are getting the least tax relief. The study concluded that if the price of California property stays depressed for a while, the most recent buyers will suffer the most.
The Wall Street Journal featured research by SPPD Professor Dowell Myers. The study found that California's falling home prices have widened the generational wealth gap created by the state's Proposition 13, which limited property tax rates. According to the research, people who recently bought homes have suffered the greatest loss of housing value but are getting the least tax relief. The study concluded that if the price of California property stays depressed for a while, the most recent buyers will suffer the most.