New policy rocks real estate market
With decades of rising home prices reaching dizzying new heights, local leadership united to create a revolutionary new program designed to level the playing field for young profeshs & families. Starting today, retiring boomers can only sell their Prop 13-protected homes if they list it for the same inflation-adjusted price at which they bought it in the 70s. Not enough free-market options, you say? The ordinance does allow them to sell to all-cash tech workers relocating from the Bay Area, but they gotta pay an “in lieu” fee: a tiny house installed on the property to be occupied by a formerly unhoused person. Housing equity wins!