Special offer
Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Licensed in 20 states)

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Rainmaker
1,556,633
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

As a CA resident, I'm not totally opposed.  Currently, Cap Gains in CA is taxed as ordinary income, which would be roughly 11%.  What this would, in effect do is slow down investors snapping up properties from people who will use the property as owner occupied.  

An unintended consequence could be that maybe there will be more Lease/Options for people to save and get a home, without having to move or having rent hikes, and perhaps a chance for home ownership that was not possible before.

Of course, I'd want exceptions for job transfer, military, and it has to be owner occupied and normal exceptions that are currently allowed for the current Federal 24month rule that exists.  Not too much of a hit actually for investors.  

Apr 01, 2022 07:49 PM
Ambassador
2,684,009
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Caroline

   "Chris" will probably provide loopholes and exemptions for BlackRock and other corporate institutional investors. 

   As always, it will be the Middle Class who will lose their hard-earned money.

     

Apr 01, 2022 05:58 PM
Rainmaker
584,631
Shayne Stone
HomeSmart - Fulshear, TX
"Your Rock Solid Choice Realtor" RETIRED

I say: Another AWESOME reason I live in the GREAT state of TEXAS!!!

Apr 01, 2022 05:04 PM
Ambassador
3,169,508
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Tax policies and regulations matter.  It's something Liz and I considered as we decided where our next homeplace will be.  We had the choice of Maryland, Virginia or West Virginia to be close to family.  We squeezed into West Virginia by a couple hundred feet :)  Hopefully by mid/late next year we'll be there.

Apr 01, 2022 07:32 PM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

When will those who are elected do the bidding of the people? Become good stewards? Good leaders? Attack & solve the obvious problems? 

 

 

Apr 02, 2022 06:30 AM
Rainmaker
5,868,544
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

That is sad, and sure hope Colorado doesn't follow suit.

Apr 02, 2022 05:40 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

That sounds like a real solution for unaffordable housing.
+25%... California just keep voting blue. Maybe you will all be sleeping on the beach soon.

Apr 02, 2022 04:40 AM
Rainmaker
901,535
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

Yikes! Seems kind of steep. 

Apr 02, 2022 04:15 AM
Rainmaker
805,899
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Thank goodness we've had ours longer than 3 years. lol But when we do sell we will be hit by the taxman in both countries!

Apr 01, 2022 06:12 PM
Rainmaker
7,836,134
Roy Kelley
Retired - Gaithersburg, MD

Interesting. I guess this is what to expect in California. Sadly, many other states seem to follow California changes.

Apr 01, 2022 05:44 PM
Rainmaker
693,775
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

This is the reason I am leaving California.  Politicians, like this, used to be outliers.  Now, they are mainstream and do not represent those of us that produce and make the state better.  Why would anyone penalize those that work so hard to upgrade a neighborhood?  Discretion makes it impossible to tell you how I really feel.  🤬

Apr 02, 2022 11:22 AM
Rainmaker
1,052,211
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I say Goddess bless the GREAT state of ARIZONA! 

Apr 02, 2022 09:07 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Caroline,

We can say whatever we can say, however, with this influence the  government?  A

Apr 02, 2022 06:04 AM
Rainmaker
5,216,398
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

When in doubt, "tax it" seems to be the mantra of several politicians who favor policies that buy votes not earn them.

Apr 02, 2022 04:38 AM
Rainmaker
1,196,798
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

I say "Get your dirty taxing hands out of my business"...please 

Apr 02, 2022 01:41 PM
Ambassador
6,393,404
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I agree with Fred Griffin Florida Real Estate 's thoughts on this.

Apr 02, 2022 10:21 AM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yet more anti-"regular guy" policies from the idiots in sacramento.  It won't hurt any business like blackstone (they're mostly buy & hold anyways).  It'll hurt the regular guy who bought then got relocated or otherwise had to move.

Apr 02, 2022 09:48 AM
Rainmaker
2,182,552
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Logic must be Wealth Distribution

Apr 02, 2022 07:48 AM
Rainmaker
1,311,397
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

The proposed law will do no good and will harm homeowners whose circumstances change. This proposed law also flys in the face of the Federal Tax Law that allows a seller who has lived two of the last five years in their principal residence to avoid any tax up to $250K or $500K gain.

Apr 05, 2022 08:55 AM
Ambassador
1,076,551
John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

They don't do anything about tent cities.  Nothing about drugs being done on the street.  Nothing about property crime.  Nothing about theft.  They prosecute no one for crime short of murder.  They continue to allow overdevelopment of apartment complexes and prevent the building of residential SFR homes.  They continue to raise taxes, tolls, and fees.  

 

Then they want 25% if you want to leave.  CA is in need of a good old fashioned American tea party.

Apr 04, 2022 08:57 AM
Rainmaker
763,883
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

That's an incredible way to keep inventory low.

Apr 03, 2022 11:14 AM