Hacker News Reader

It'll just go to their children and accelerate some fun inequality problems

eg: living in fancy inherited house with no mortgage but way out of your price range based on income. The "real" cost of the house then isn't what it's worth but what your taxes come out to be...

View on HN

In California property taxes are not re-evaluated when a property changes hands by inheritance. So, they really aren't paying anything close to the actual value.

Which, lets admit, is just plain ridiculous. Prop 13 needs to be repealed or at least severely amended. Right now it is a wealth transfer program from the poor to the rich.

In your eg, what is the problem exactly? This a rhetorical question, I’m just not following.

As more wealth is tied up in houses and houses are passed on to children, owning a house will become even more dependent on the wealth of your parents than your income.

Someone with a house they pay low taxes on but is worth several millions is unlikely to sell so housing prices will keep shooting up and exclude many people who simply weren't lucky enough to be born to richer parents.

Reply on news.ycombinator.com