- Apr 8, 2020
- Reaction score
Tammany Hall 2024
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If California voters approve the exemption of corporate real estate from Prop 13, I think we'll be okay.Mostly yes. But the commercial real estate market has been securitized similar to the mortgage backed securities fiasco. Luckily, it's only about a tenth the size. But it's collapse will probably have some negative macroeconomic consequences. And if those properties get their values written down, their property taxes will be reduced, which will reduce revenues to the state, cities, and schools, which will make it even more likely that they layoff more employees and reduce economic activity.