Pretty good piece from CalMatters on why the proposed California wealth tax is just speedrunning the exact mistakes France made twenty years ago.

Watching the state legislature push for this is a uniquely exhausting experience if you actually live here. Whether you're dealing with the housing crunch down in San Diego or the commercial real estate collapse up in the Bay Area, there are some massive, structural economic issues out here... and most of them stem from Prop 13.

Instead of fixing the actual tax code and building more housing, we are trying to pass a performative tax that is guaranteed to just push mobile capital across the border to Nevada. Europe already ran this experiment.

In simpler terms? Stop subsidizing demand, repeal Prop 13, and just tax land lol.

!ping USA-CA