Real estate markets in developed regions face crises, with wealthy owners profiting from long-held properties, aided by tax policies like California's Proposition 13, which bases taxes on outdated property values. These owners often support zoning laws that limit new, denser housing, reinforcing wealth disparities.

Claim

Name

Types

Claim

Quotes that support the claim

Today, real estate markets in many parts of the developed world are in crisis. In the most expensive regions, wealthy landowners earn millions by simply holding on to pieces of real estate that they acquired at dirt-cheap prices more than half a century ago. Rules like California's Proposition 13 mean that they only have to pay property taxes calculated as though their plot still had a much lower price. At the same time, many of these same people push to maintain restrictive regulations that prevent more dense housing from being built. This is a society that favors the rich.

Sources

Degen communism: the only correct political ideology

Vitalik Buterin advocates for "Degen Communism" in a post published on April 1st.