I mostly agree with your sentiment, but I don’t think you’re being very fair to students, and i don’t think this issue is particularly about the students. (and I’m not convinced Prop13 needs to be repealed to solve problems). Students and loans are a different issue and it seems cruel to label them as wannabe UC students who aren’t good enough. All UCs are respectable.
I think this issue can be generalized a lot…
1. Locate a city with geographic limits.
2. Institute anti-growth policies.
3. Invite anything that may attract more people into town.
4. Allow 3 to continue/repeat without an increase in market rate housing.
5. Wait.
6. Landlords profit
Prop 13 has a good goal - prevent property tax increases from displacing long term residents. If you allow growth in housing supply then this can be a good thing, but the incentives ruin it. A balanced law or requirement that requires more housing to maintain prop13 would likely solve this mismatched incentive issue (if you vote against more housing, you could experience cost increases). Maybe tack a “breakpoint” in tax stability to rent-rates-beyond-inflation stability.
Since 1977 California has had the California Tax Postponement Program to protect low income seniors from the economy. If you're a low income senior and own your house in California you can defer property taxes indefinitely so that no matter what happens to housing prices you'll never feel pressured to move. Several states have something similar (eg. NJ senior freeze) but I think California is the most aggressive.
Prop 13 is wholly unnecessary. It could be removed entirely overnight and grandma wouldn't need to pay a dime.
I think this issue can be generalized a lot…
1. Locate a city with geographic limits.
2. Institute anti-growth policies.
3. Invite anything that may attract more people into town.
4. Allow 3 to continue/repeat without an increase in market rate housing.
5. Wait.
6. Landlords profit
Prop 13 has a good goal - prevent property tax increases from displacing long term residents. If you allow growth in housing supply then this can be a good thing, but the incentives ruin it. A balanced law or requirement that requires more housing to maintain prop13 would likely solve this mismatched incentive issue (if you vote against more housing, you could experience cost increases). Maybe tack a “breakpoint” in tax stability to rent-rates-beyond-inflation stability.