The lack of land in good locations triggered the issues California is facing right now. The land prices are too high in the Los Angeles and San Francisco regions, Kenny Slaught explains. The fact that buildings see a delay in construction makes people restore their homes. This also happens because of Proposition 13 that made it difficult for people to move. When a home is reevaluated by its sale price and gets sold, the future property tax can exceed the maximum 2%. The annual totals are set by fluctuating figures, because the property market in California changes according to season. Most houses are sold in June and December. These totals are also impacted by interest rates, negative equity status, and outside influences such as important investments abroad.
Read more: https://finance.yahoo.com/news/kenny-slaught-historical-events-influenced-215900075.html
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