As a CA resident, I'm not totally opposed.  Currently, Cap Gains in CA is taxed as ordinary income, which would be roughly 11%.  What this would, in effect do is slow down investors snapping up properties from people who will use the property as owner occupied.  

An unintended consequence could be that maybe there will be more Lease/Options for people to save and get a home, without having to move or having rent hikes, and perhaps a chance for home ownership that was not possible before.

Of course, I'd want exceptions for job transfer, military, and it has to be owner occupied and normal exceptions that are currently allowed for the current Federal 24month rule that exists.  Not too much of a hit actually for investors.  

Hi, Caroline

   "Chris" will probably provide loopholes and exemptions for BlackRock and other corporate institutional investors. 

   As always, it will be the Middle Class who will lose their hard-earned money.

I say: Another AWESOME reason I live in the GREAT state of TEXAS!!!

Tax policies and regulations matter.  It's something Liz and I considered as we decided where our next homeplace will be.  We had the choice of Maryland, Virginia or West Virginia to be close to family.  We squeezed into West Virginia by a couple hundred feet :)  Hopefully by mid/late next year we'll be there.

When will those who are elected do the bidding of the people? Become good stewards? Good leaders? Attack & solve the obvious problems? 

That is sad, and sure hope Colorado doesn't follow suit.

That sounds like a real solution for unaffordable housing.
+25%... California just keep voting blue. Maybe you will all be sleeping on the beach soon.

Yikes! Seems kind of steep. 

Thank goodness we've had ours longer than 3 years. lol But when we do sell we will be hit by the taxman in both countries!

Interesting. I guess this is what to expect in California. Sadly, many other states seem to follow California changes.

This is the reason I am leaving California.  Politicians, like this, used to be outliers.  Now, they are mainstream and do not represent those of us that produce and make the state better.  Why would anyone penalize those that work so hard to upgrade a neighborhood?  Discretion makes it impossible to tell you how I really feel.  🤬

I say Goddess bless the GREAT state of ARIZONA! 

Caroline,

We can say whatever we can say, however, with this influence the  government?  A

When in doubt, "tax it" seems to be the mantra of several politicians who favor policies that buy votes not earn them.

I say "Get your dirty taxing hands out of my business"...please 

I agree with Fred Griffin Florida Real Estate 's thoughts on this.

Yet more anti-"regular guy" policies from the idiots in sacramento.  It won't hurt any business like blackstone (they're mostly buy & hold anyways).  It'll hurt the regular guy who bought then got relocated or otherwise had to move.

Logic must be Wealth Distribution

The proposed law will do no good and will harm homeowners whose circumstances change. This proposed law also flys in the face of the Federal Tax Law that allows a seller who has lived two of the last five years in their principal residence to avoid any tax up to $250K or $500K gain.

They don't do anything about tent cities.  Nothing about drugs being done on the street.  Nothing about property crime.  Nothing about theft.  They prosecute no one for crime short of murder.  They continue to allow overdevelopment of apartment complexes and prevent the building of residential SFR homes.  They continue to raise taxes, tolls, and fees.  

Then they want 25% if you want to leave.  CA is in need of a good old fashioned American tea party.

That's an incredible way to keep inventory low.