What period of time do those liabilities cover? Do you even know? Also, determining the liability is directly related to revenues, since pensions are paid by tax revenues. So if you use 2009-2011 as your baseline revenues, when the economy was in recession, then that makes the liability picture much worse than if you're using 2017 revenues as your baseline, which paints a much different and better picture.
Or are you just repeating propaganda you gleaned from some source at some point, but don't really know the details?
The Republicans who pushed Prop 13 are the ones responsible specifically for the housing crisis in CA.
So how did they do that? Prop 13 capped property taxes so low (at 1%) that it made building more housing a money-losing proposition for most local governments (because the taxes from the housing don't cover the services required by its residents). That led local governments to back-fill their budgets with regressive sales taxes, court and jail fees that trap people in debt cycles after a brush with the law, and building permit fees that make new construction more expensive. It also led local governments to over-prioritize zoning for commercial malls and box stores and auto dealerships (because sales tax revenue nom nom nom), and corporate office parks (because they produce property taxes w/out much increase in demand for services). Also, because prop 13 freezes tax rates until a property transfers OR adds new construction, it's created weird incentives against a) expanding existing residential buildings, and b) people with more house than they need cashing out to downsize. But the MOST IMPORTANT thing is that the majority of the tax savings haven't gone to homeowners. That's because corporations, unlike people, don't die. They don't move and change homes. So they don't get re-assessed. Many will keep paying 70s-era taxes basically forever.
