Oh?
> but with exemptions for all residential property
Oh... So, nothing that applies to residential property (which is what the parent comment was talking about). Taxing some businesses is going to increase tax revenue but it won't fix the housing issue that's crushing most of us renters.
For those who want to see the initiative: https://ballotpedia.org/California_Tax_on_Commercial_and_Ind...
People seem to forget that it was intended to prevent forcing people to move because the had capital appreciation but no income growth, and this disproportionately affected low and fixed income families.
“Jarvis was a lobbyist for the Los Angeles Apartment Owners Association—a group that stood to benefit hugely from decreased property taxes.”
https://la.curbed.com/2016/10/17/13304912/history-propositio...