Yes on Proposition 5
Vote Yes on Proposition 5: Removes Unfair Moving Penalty for Seniors, the Severely Disabled, and Disaster Victims.
Proposition 5 allows people over 55 years old, severely disabled homeowners and owners of contaminated or disaster-destroyed property to sell their homes, move and transfer their property tax basis to the replacement residence.
California is facing a massive housing shortage and needs at least 100,000 additional new units a year to meet demand. Proposition 5 could help ease the shortage by freeing up modest-priced and move-up housing for young families. Seniors, who often are on a fixed income, fear they will not be able to afford a big property tax increase if they sell their existing home and buy another one, discouraging them from ever moving. As a result of this “moving penalty,” almost three-quarters of homeowners 55 and older haven’t moved since 2000. The Legislative Analyst’s Office estimates the initiative would increase home sales in the tens of thousands per year.
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