By Taxpayers Association of Oregon Foundation,
This fascinating chart is from the Wall Street Journal about how housing permits fell after Los Angeles passed a big tax on property owners to fund housing programs.
Los Angeles passed a 4% gross value tax on properties over $5 million. It was meant to soak mansion owners but also ended up hitting apartment buildings. As a result, builders stopped building apartments. The property tax to create more housing just created less housing.
This is te same with Oregon when the Metro area passed both a property tax to fund housing and an income/business tax to fund homeless and only served to increase home prices and homelessness since it passed. A complete waste of a billion dollars in new taxes.
