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Real estate taxes are the first line of defence against real estate bubbles (because they force people to put up real money to support the bubble valuation, even if their bank takes leave of its senses and offers negative-amortisation, no-money-down loans). So declining real estate taxes weakens your defence against real estate bubbles.

Nothing prevents banks for loaning people money to pay both the mortgage and the taxes.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Fri Jun 3rd, 2011 at 06:07:57 PM EST
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