Did you also know a lot of those generational homes were located in the Palisades (which is currently being burnt to ash due to the fires 🔥)
Did you know: State Farm, one of the biggest insurers in California, canceled hundreds of homeowners' policies last summer in Pacific Palisades—the same area which is now being ravaged by a devastating wildfire, per Newsweek.
Did you know: Insurance companies wanted to increase rates to cover losses from previous fires. Californians pushed legislation that would NOT 🚫 let them increase rates.
So, the companies canceled policies in California. (High risk, low reward = byeee)
So the state of California was getting collecting less on taxes than they wanted, and the insurance companies aren't willing to take a loss on these houses.
Did you also know: that there is evidence to suggest that 2 fires were started within minutes of each other in order to divert firefighters away from the actual 🎯 target?
Did you know: if you rebuild your 🏠home, no matter what, you are subject to a NEW property tax evaluation (even if your previous home was passed down through a living trust)
What could possibly have been the motive?
🏠+🔥=💲🧮 = 🏦💵
Posted by Krunk_korean_kid
3 Comments
This is the most believable scenario. I imagine this was the motivation behind Hawaii and Louisiana as well.
Proposition 13 is a savior to working class people who are capped at 2% increase in property taxes per year instead of facing yearly uncertainty if they will lose their homes with catastrophic increases.
> Did you know: if you rebuild your 🏠home, no matter what, you are subject to a NEW property tax evaluation (even if your previous home was passed down through a living trust)
Yes, because it is a new and different home, which is understandable. The house that you inherited is gone and doesn’t exist.
But why would anyone rebuild there if nobody will insure the house?