Proposition 13 and the Implicit Subsidy to Housing Prices in Los Angeles County
Housing is a bundled good, comprising both improvements and land. The improvements correspond to the built environment on which human activities are performed, while the land is valued only according to its location characteristics, in the form of residual location-based land rent. The taxation of… Read More »Proposition 13 and the Implicit Subsidy to Housing Prices in Los Angeles County
