Proposition 5 Promises To 'Unlock The Housing Market' If Passed In November


California is a state with a well-known consistent housing shortage, and extremely high housing prices. But what many don't know, is that California residents that eventually choose to move, end up facing massive property tax spikes.

So instead of being able to freely move around the state when they want, property tax bills keep some homeowners stuck where they don't necessarily want to be. But has the potential to change with Proposition 5.

California voters have the opportunity to end the 'moving penalty' and ensure fair property taxes by voting yes on Prop 5. The Proposition protects adults ages 55 and older, by allowing them to transfer their property tax protections even if they move homes. The proposed measure also helps assist the disabled, as well as victims of natural disasters.

According to Steve White, president of the California Association of Realtors, the rate of home-ownership in California is barely 54 percent.

Proposition 5 promises to unlock the housing market, provide more housing opportunities for young families, and revitalize established neighborhoods to get that number up.

Read more about the Proposition on the Los Angeles Times website.


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