To the editor: I’m an growing old senior citizen. I’ve lived in my seashore dwelling for 32 years. I might like to promote and purchase one other dwelling nearer to my household (“Aging Californians aren’t leaving their longtime homes. It’s worsening the housing crisis,” Aug. 17). Sadly, it might not be in my favor.
It’s not due to property taxes, as a result of I can take them with me if I buy a house with equal or lesser worth than my present dwelling. Did the author of the article not see the elephant within the room? Did she not speak to seniors? The issue is the capital positive aspects tax.
In right now’s market, a $250,000 deduction for a single particular person is a drop within the bucket. Even $500,000 for a married couple hardly makes a dent in case you are a long-time home-owner in a group the place actual property is dear. State and federal tax deductions should be adjusted to right now’s actual property market.
The housing market would open up considerably if seniors might promote with out paying huge capital positive aspects. If I offered my dwelling right now, even after my $250,000 deduction and home-improvement deductions, I must pay round $400,000 in capital positive aspects tax, which might be prohibitive. When will somebody do one thing about this?
Denise Zarubica, Redondo Seaside
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To the editor: The article about growing old owners staying put fails to say a public coverage failure that’s exacerbating the problem. Many seniors who would possibly take into account downsizing are considering twice due to capital positive aspects tax. Whereas there’s a $500,000 exemption for {couples}, many properties — and the state of affairs in Marin County is a working example — have gone up in worth far past the exemption, which dates from 1997 and has never been adjusted for inflation. The unintended result’s that older owners dangle on to their properties, figuring it makes extra sense to have them move to the subsequent technology of their estates, the place they profit from stepped-up foundation and the heirs would possibly pay no tax in any respect.
A considerably enlarged exemption might assist — and on the state degree (the place all positive aspects are taxed as peculiar revenue), a diminished fee of tax also needs to be thought of. Higher, from the federal government’s viewpoint, to gather some tax than none in any respect.
Peter Grossman, Los Angeles
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To the editor: I discover this text ageist and insulting. The named housing disaster in L.A. is a social, financial and academic challenge, along with factoring in employment issues, corruption and authorities mismanagement. COVID-19, runaway manufacturing and trade strikes added to the issue, along with extra authorities mismanagement.
To suggest that at a sure age, any group is meant to tackle the debt of a brand new mortgage, value of shifting, leaving their communities and all different disruptive adjustments is a misdirect away from the actual ongoing points in L.A.
Please truly assist resolve the actual issues as a substitute of putting false blame.
Patricia Walden, North Hollywood
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To the editor: How about ready till us “outdated folks” die off? At that time, housing will start turning into obtainable once more, maybe even to the purpose of avoiding an over-housing disaster which may consequence in any other case.
As massive, four- and five-bedroom homes come available on the market, tear them down and construct a number of smaller, two- and three-bedroom properties on that lot. With fewer children per household, smaller heaps can be possible. Ironic, isn’t it, whenever you have a look at areas that previously featured small properties which have been changed with property-line to property-line homes designed for optimum resale worth that would simply accommodate a number of smaller properties?
John Snyder, Newbury Park
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To the editor: That billionaire tax might need one other constructive impact in addition to the cash. Consider the variety of younger, productive households that the acreage, energy and water freed up by every billionaire who leaves would assist.
Michael Foster, Goleta
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To the editor: Thanks, reporter Grace Toohey. Now, along with the opposite woes of outdated age, my senior cohort is being blamed for the housing disaster for dwelling in the identical home for many of our lives.
Truly, I’m spared the cardinal sin of a few of my fellow seniors as a result of I solely have a two-bedroom home and am childless. However in addition to the insensitivity of the article, one other counter-factor for the housing disaster was omitted completely.
Particularly, that many youngsters are staying with their dad and mom lengthy into maturity or are returning dwelling as a result of they will’t make it on their very own, thus canceling out the “senior issue.”
Somehow, please cease greedy at straws and in search of scapegoats and concentrate on the primary supply of the issue: the amoral vicissitudes of a free-market financial system.
Vincent Brook, Los Angeles
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To the editor: The state handed Proposition 19 to assist seniors seeking to downsize and open up housing for youthful households. Nonetheless, Los Angeles County is so ridiculously backlogged in processing Proposition 19 functions that seniors are severely hindered when contemplating shifting.
I relocated to Riverside County one yr in the past and I filed a Proposition 19 utility in order that my new dwelling would keep the present property tax evaluation. Riverside County shortly accepted my utility, however I’ve been ready six months for Los Angeles County to file its completion doc. Within the meantime, I’ve needed to pay Riverside County property taxes on my new dwelling, that are thrice what I might be paying if my Proposition 19 utility had been processed by Los Angeles County.
I’ve had my present county supervisor attempt to help me with the method, however Los Angeles County is completely unresponsive. There is no such thing as a level in attempting to help with the housing scarcity if native governments don’t effectively do their half.
Harvey Silberman, Palm Desert
