Category Archives: California

Yisroel Pensack: Proposition 13’s Devastating Impact on Housing Affordability in California

A 21st-century follower of 19th-century political economist Henry George, whose classic “Progress and Poverty” was written in San Francisco and published there in 1879, has analyzed the effect of California’s property-tax-cutting Proposition 13 and found that that 1978 measure has … Continue reading

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California Dreaming!

I grew up two hours drive outside of Sydney, Australia. I loved to read books about American history. When I found out in 1977 that we were moving to California, I was excited. I was eleven when we finally flew … Continue reading

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Living Large In Pasadena

William Adrian discovered Cheryl Tiegs, Linda Gray, Kim Carnes and Barbie Benton. Since 1948, Adrian has operated a teen modeling agency and modeling school out of Pasadena, California. I call him Friday morning. He’s busy placing a second girl in … Continue reading

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Rich Homes Still Dropping In Price In Southern California

The Los Angeles Times says today to not expect a turnaround in luxury home prices in Southern California for at least a year. You hear about celebrity purchases in the Hollywood Hills, such as by Sacha Baron Cohen, but overall, … Continue reading

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California’s Simple Foreclosure Process

What’s the friction in doing a deal? How complicated and messy can it get? Or will it be smooth? Compared to Florida, California has a smooth way of handling foreclosures. That’s why California’s housing market is doing better than Florida’s. … Continue reading

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California’s Weak Housing Market

The population of California has stayed about steady for four years. We have fewer illegal immigrants. We have few jobs being created. Why would anyone start a business here? The state’s unemployment rate is over 12%. The most expensive housing … Continue reading

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Yisroel Pensack: Would-Be Tax Reform Attorney Frank D. Walker’s Reality Check

From: Frank Walker Date: April 14, 2010 …Prosper California is the tax-exempt political organization I founded to advance the LVT [land value tax] initiative I drafted. Although one person can draft an initiative to revamp California’s system of raising public … Continue reading

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Sales Of Million-Dollar Homes Drop In CA

This is the fourth year in a row that such sales have dropped. Sales were down about 24% in 2009 compared to 2008. Many people who want to sell their expensive homes are holding back because the market is so … Continue reading

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Office Buildings Have High Vacancy Rates

Commercial real estate will be the next shoe to drop. That’s the cliche we’ve been hearing for more than a year. Vacancy rates at office buildings keep going up. The LAT says: For some, construction kicked off during better years, … Continue reading

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Dramatic Drop In CA Mortgage Defaults

Defaults in California were down about 25% in the fourth quarter. Much of the credit for this belongs to the Obama administration’s mortgage modification program. How much significance can we give to these numbers? Only time will tell. For three … Continue reading

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