Calpers pension was paid by California state, isn’t it California sourced income by definition? We should have a proposal to force pensioners to pay Califonia state tax wherever they live.
We should also have a voluntary liberal tax, just to see how much additional tax would liberals like to pay.
If the pensioners were forced to pay taxes they would all vote Republican. .As it is they are leaving and enriching Nevada…From judges to cops…their money goes a lot farther there and they save 9-13% on State tax…or about a third of their Fed tax…Blame Gray Davis
Some of my richest friends are excops…CHP officers who retired in 1999 or earlier after at least 30 years on the job collected pensions averaging $62,218, according to CalPERS data.
For those who retired after 1999, the average pension was $96,270.
The average retirement age for CHP officers is 54. Someone that age without a pension who wanted to buy an annuity to generate the same income for life would have to pay more than $2.6 million, according to Fidelity Investments.
Few Americans have that kind of nest egg.
Yes blame landlords and not the massive permit and entitlement fees that have to be priced into all new construction.
California cities with rent control
Berkeley
Beverly Hills
East Palo Alto
Hayward
Los Angeles
Los Gatos
Mountain View
Oakland
Palm Springs
Richmond
San Francisco
San Jose
Santa Monica
Thousand Oaks
West Hollywood
I did not know about Los Gatos and Hayward.
Apparently city of Burlingame voted back in 1980s to explicitly forbid city council to enact any rent control. So if anyone will decide to overturn it, they have to put it on a ballot. Last year someone tried to do that through ballot and measure failed.
Maybe it’s about time I start getting serious about buying in Florida. I don’t never, ever want to deal with rent control.
Rent control is socialism.
You cannot legislate the poor into prosperity
by legislating the wealthy out of prosperity.
What one person receives without working for, another person must work for without receiving.
The government cannot give to anybody
anything that the government does not first take from somebody else.
You cannot multiply wealth by dividing it!
When half of the people get the idea that
they do not have to work because the other
half is going to take care of them, and when
the other half gets the idea that it does no good
to work because somebody else is going to get what they work for, that is the beginning of the end of any nation.
That is where we are right now…… Welcome to socialism.
With so much at stake, how come rent control legitimacy has not been challenged in front of supreme court?
Unfortunately, the Supreme Court has reviewed it and has deemed it ok. How? Don’t know. My thinking is that the judges have rent controlled apartments themselves and don’t want to give them up…
Even Reno is becoming unaffordable. …Rent control?
I would think Reno would be prime for it (rent control) due to the low wages and many renters there.
A blue town in a red state…
Instead of rent contol allow unfetterd construction …Give subsides to poor folks…Simple…unless you are a capitalist hating liberal politician…
Subsidies to the poor just increase rents. It’s your example of min wage increase raising rents. If poor people suddenly get $1000/mo towards rent, then rents will go up by $1000/mo if more supply isn’t added. The real solution is adding supply.
I know, sounds simple enough right??? The worries about over development if building rules were actually minimalized are vastly exaggerated in my opinion. Not every developer will find the available land and have the money to just build everything without doing some research and making sure the projects pencil out. It is kinda like how some folks use the excuse that oh they don’t want to lift too much at the gym because they don’t want to turn into Arnold. Look, the chances of you turning into the Terminator over night from lifting a few dumbbells is highly, highly unlikely…let’s worry about that WHEN it happens…
I said add supply…buts lets be real, new construction has to be for market rate renters…Subsidies can be provided for C and D units…
Currently rich tenant and poor tenant live in the same new building in SF due to BMR requirement. C and D housing is for middle class
More bad news…
Life, liberty, and property…
The thing that is sooooo frustrating is that sooooo many economists have stated that rent control does not work and worsens the situation. Then, you have a real life case study here to perhaps show you what happens once rent control measures are put in and how developers will shut down projects or shift away from creating rental stock. Isn’t that enough real life evidence for our leaders (all of them, from local gov’t to Supreme Court) to take a real look at it?