odiousgambit
odiousgambit
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August 12th, 2013 at 9:57:35 AM permalink
Article says Reno real estate is benefiting from tax-escaping Californians, will Las Vegas as well?


http://www.contracostatimes.com/news/ci_23833939/californians-flee-nevada-escape-taxes-agents-say
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!”   She is, after all, stone deaf. ... Arnold Snyder
FleaStiff
FleaStiff
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August 12th, 2013 at 10:37:47 AM permalink
Yeah, there has been a constant tattoo of "California Taxation Fugitives Are Buying Up All Our Real Estate".
Decades ago one woman sold her Los Angeles house and bought every house on a block in Seattle.

California has a strong and resilent economy, no matter how social welfare oriented the legislature is. Even with Stockton, CA having filed for bankruptcy alot of people stay in Looney Land despite the taxes.

Some retirees do seek to escape. After all, The Tshirts in Eugene, Oregon have been emblazoned University of California at Eugene for decades. Escape taxes, escape pensions being taxed, ... flee to the desert somewhere. No taxes but no real economy either. Lake Tahoe has always been a special market with values defined by taxation districts and by proximity to where all those nudists run the towns.

Many people are indeed leaving California but its not the stream that real estate agents claim. Some of those who opted for the high desert in Nevada find that Sagebrush Country is not enough for them and move back to California more vibrant economy in places such as Grass Valley's Nevada City where tourism and real estate reign supreme despite taxation and crowded CBD's filled with naught but bars, restaurants, art galleries and Parking For Tourists Only signs.

Reno casinos had visitors from California who now stop at Sacramento casinos and go no further. It seems real estate buyers are once again looking at Sacramento for a vibrant economy rather than Reno for crack addicts and bums being just too close to the casinos. Even in Reno, some casinos have been more valued for their real estate than their license for years.
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