gentrification relief

Multi-tasking with the 1% … killing the schools AND making the poor pay for their funeral.

I showed here how we could raise $94 million for the School District from the property tax, as requested by the Mayor, and sequester it until the SRC abandons its privatization plan. But is the property tax the best place to get the money? If the City raised the $94 million from some other source, it could still sequester it until the SRC sees the light.

The 1% generally likes the property tax. It’s a regressive tax that falls most heavily on people who are property-rich, cash poor. How sweet it would be to make poor and working people not only pay more, but to make them pay more for destruction of one of their greatest assets, the public school system.

There has been dispute, however, whether a property tax increase as it’s been packaged this year would indeed hit poor people the hardest.

Some progressives think that a property tax increase this year would not be regressive because it would emerge out of the AVI initiative intended to correct the massive inequities in City property assessments. But even if assessments were accurate, and didn’t under-value richer neighborhoods, poor property owners would still get hit hardest from tax rate increases. It’s just the nature of the property tax. It taxes at a single rate that the rich can pay much easier than the poor.

AVI, if done right, is a good thing. Increasing rates, however, to generate more revenue from the tax, might still not be.

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