Realtors say Proposition 5 would ‘unlock the housing market,’ freeing up more inventory. Experts don’t agree
Los Angeles Timesquoted Richard Greenof the USC Price School on California move rates.
Richard Green, director of the USC Lusk Center for Real Estate, theorized that California move rates weren’t lower in the Zillow data because many seniors are wealthy and can afford higher property taxes if they want to move. The median household income for potential Proposition 5 beneficiaries is $77,000, nearly 15% higher than the statewide median, according to the California Budget and Policy Center, a nonprofit that advocates for low-income residents.
