CITIES and HOA’s EVERYWHERE ARE GOING BROKE! (MASSIVE BUDGET SHORTFALLS) 

Our electric bill is on average $450 monthly and we are easy on the E

The fallout is just beginning.

donn't walk... RUN!

Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst

Could you possibly recommend a CFA you've consulted with?

My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.

let me tell you if you think you have a bad living in an HOA try living in a condominium strata in Ontario Canada. I can give you horror stories like you wouldn't believe

I think that was the original point of HOAs.

I believe it’s been happening forever!

I think a bit of the stealing is done by hiring friends and family to do the association work.

It happens too often.

I hear you. My aunt is a retired nurse. She never got a pension either. She had to work 40 years for the hospital and leave with her 401K and social security

The teacher pension is a replacement for Social Security because as a teacher they don't get Social security. (now some teachers work other jobs or work post retirement to earn Social security although some state governments have tried to pass laws preventing teachers from earning both)

my mother worked in a Florida school system and she gets Social Security separate from her pension...not sure where you got your information but I would recheck my sources.@@paulconner4614

Yes, my parents both had two. 20 years in the military and 20 years from careers they retired from in civilian life.

@@Oldeagle66 My Dad had a client who did 20 in the army and then 20 as a cop and then was 5 years in as a teacher.

We’ll said. Sad

Yup Im American and will leave first chance I get.

And that is just the tip of the iceberg.

You forgot all of the alcohol and drug abuse, crooked law enforcement and court system, GMO foods, Hollywood + music business brainwash the masses, godless religions, etc.

Yup, I am going back to Asia. Being an Asian isn't safe in many big cities.

They are the new bandit.

Public service unions.

7000 dollars a month in pension checks?? That won't continue. Most states owe billions of dollars in unfunded pension fund debt

The state this person is from has actual wealth. Not made up California bula bula

The retired police and fire have very lucrative benefits at retirement including medical.

I’m sorry about your father. Sounds like a man of honor. In case you know of a similar situation for someone else, look into the Patriot Guard. You can become a member, too, at no cost. I used to drive a support vehicle and carry the flags and supplies. We set up flag lines at funerals and burials, etc. I can’t afford the gas to drive as much as I used to. One journey was to do a motorcycle escort from Seattle to Oregon. Another was to welcome someone home to Everett airport. I go to the local events. There is also Help on the Homefront.

I am stunned that your wonderful Father was ignored by his police department. There is no excuse for that. I want you to know there is an American citizen who appreciates his contribution to one of our great cities. May the memories of your loving Father stay in your heart forever.

@@ScottsdaleSushi thank you very much. I appreciate it

OMG. That is not a good investment. . . ..how will you be able to break even. After, paying that 175,000.... Then ,the taxes, insurance,n on going HOA fees.😢 Scary, dreams😮

HOA's literally have 0 power , there are infinite loopholes to ignore these vermin

So if they want $175K per unit to fix the building. Where exactly are your HOA fees going???? In their pockets??

@@gregorylyon1004 more likely they were not collecting enough each year to cover the later costs of big ticket maintenance items. People get scared away by high HOA fees so they keep them lower than needed to have adequate maintenance reserves.

@@gregorylyon1004 Bingo!

I lived down in SOFLA during the 2008 housing crash and went to this huge real estate auction in Weston. Starting bids on some of the ocean front condos $20K-$60K with HOAs back then only in the $500/month range and those buildings then already 40-50 years old. Being a Civil Engineer who worked in facilities management I already knew that when a building (even single story) was 50 years old it was due for a full renovation or tear down and build new again = major increase in HOAs or other. Today... It's game over. So glad I forecasted disaster back then and moved my assets to TX. One of my properties north of Dallas in Collin County has seen 100% increase in insurance due to hail storm risk however it is still newer 2 story townhome not in an aging building. The other property north of Austin saw only a $3/mo. increase in HOA!

@@davidfenton109 My building, located on the ocean beach in South Florida, just passed its 60-year inspection with flying colors. And my current monthly fee is only $502 (which may go up a little this year due to insurance). But it's also a co-op where NO financing is permitted; units can only be bought in cash. Since it is a co-op, it is self-managed and all financial decisions are made by the owners and/or the co-op board elected by the owners (all of whom are thoroughly vetted and approved for ownership). Everyone here has a singular self-interest: to preserve the value of our investments and to make sure that the corporation is physically and financially healthy. This has allowed us to have a meticulously maintained and structurally sound building along with having 7 figures worth of financial reserves, all the while keeping the monthly maintenance fees low. I think this is the ideal ownership format; I do not think I would ever consider buying a condo.

⁠​⁠@@davidfenton109Florida is a boom/bust state. Always has, always will be. I'm a Miami native since 1988. In 2008, I was 25, and worked for Lennar Corporation in the treasury department. I got to see first hand what a racket it all was. Properties that were listing in the hundreds of thousands, selling for under 50k. Of course they come with their surprises, but really opened my eyes. A lot of those condos you saw were torn down and sky scraper erected in its place. Most investors bought them low, slumlorded them, and then sold for top dollar when the new developers showed up. Present day, it's like Deja vu all over again. Once you learn the market, and if your conscious can deal with ignoring the fact that this is playing with ppl's lives and livelihood, you can make some serious 🍞 out here.

@@davidfenton109 , I never buy properties in HOA and there are plenty.

Yep. They use the low fees to keep new buyers coming in to replace the ones that die off. And then there is a nasty surprise when major (i.e. expensive) work is required.

I'm 37 and have been looking for ways to be successful, please how??

Woah for real? I'm so excited. Rebecca Hickman strategy has normalised winning trades for me also. and it's a huge milestone for me looking back to how it all started

I'm new at this, please how can I reach her?"

she's mostly on Telegrams, using the user name

Hickman109 💯...that's it

We're going through the same thing in SC. People are coming in like locust. I can't wait to leave...hate this crap!

It's not Floridians, every city in Florida has seen a net 20%+ migration rate. Where I live in Central east coast FL, traffic is about 50% worse and they're building massive apartment complexes and housing developments in every corner of every adjacent city. I swear there are 50,000 more dwellings within 15 miles of me than there were in 2020. It's New York, New Jersey, Massachusetts, Rhode Island, Maryland, Maine, Ohio, Pennsylvania moving to TN and FL.

California is a canker sore on our nation.

It is. An d I know exactly who they are referring to. The TN state and city govenments are throwing money at employers to relocate there and one big one just moved from the Tampa area. @@enthused7591

so where are you folks moving to? Europe? lol😊

I truly feel the same way... Paying for the public services and safety of your neighborhood/neighbors. Isn't that what state/local taxes are for lmao

Imagine buying a condo in cash (with liquid) and you can afford HOA for the rest of your life but you want to sell you place but you can't because the next buyer can't afford the HOA plus mortgage payment. Downtown Detroit HOA is anywhere from $450 to $1300, my building currently is $850, but I lease so I don't care 😎

This is exactly why we moved out of a neighborhood. One of the requirements was NO HOA. I agree with you 100% no one should tell you how to live when you own your own home and pay taxes.

It's designed to keep "others" out.

Price is lower in most cases comparing to houses; maintenance is not your problem (snow, grass, trash); amenities like pool, club house, gym, tennis/pickleball courts. All these matter to some...

Everyone needs to hear these stories as they're abundant. California is exactly backwards and exactly how you do NOT lead people. Hence the migration out of state. I saw a report recently saying Newsom is trying to pass a law to charge a fee to people moving out of California lol.

I am moved at 68 sir it’s not too late to move. Cheers

And yet the people of California keep voting for it every election so I have little sympathy.

@@thetapheonix , Absolutely! Maddening and so sad 😞

​@@thetapheonixThis is a perfect example of the word INDOCTRINATION and the California taxpayers are a perfect example

We humans are ignorant of profitability in digital investments and that has been the major issues limiting our growth .

Though I started with as low as $15000 actually because it was My first time and it was successful, she's a great personality in the state.

Hunger is not a sign that it is God who is dealing with you. Scripture also said " a little sleep, a little slumber, a little folding of the arms so shall poverty come upon you like a Bandit. That is why we need knowledge of saving and investment. It is advisable not to eat our tomorrow and the future of our children today...

I would really appreciate your helps on her contact details, few of my friends have given lots of recommendations towards her, please🙏..

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Stop blaming the middle class it is the rich that keeps getting richer not the middle class

If people who still get pensions, usually the increase is tiny. It doesn't even come close to the 4% increases that workers are getting.

nope- supply and demand in the PRIVATE SECTOR. Public unions should be disbanded entirely.

Just an FYI, just bc a company offers a pension plan doesn't mean that the company is really spending any more money than more modern 401k plans. My company offered a pension when I started 8 years ago, but stopped it in 2016 for all new hires starting after that. However, my 401k match is low, only 2%. New hires currently get matched up to 6.5%. So, if you do the math of pension+401k (2%) vs 401k (6.5%) it really all comes out in the wash. Also 401k gives you more flexibility where to invest it and if you don't stay with the company for your entire career and less risk of banking on your pension only for the company to go bankrupt (or something similar). Of course this assumes that you at least make the minimum matching investment annually. I'm only sharing this to say that if people lobbied to get pensions back, you bet that 401k matching and other benefits would decrease proportionally!

they sort of do.. in the form of 401K

Maybe the bids for work can be open and more than one person double checking money

I thought the same thing but HOAs are not required to.

@davidhunternyc1 They should change the rules, pretty simple! Every condo owner in the building should stop paying HOA, until they agree to transparency!

@@lancemannion1147 You can't refuse to pay the HOA. If you do the HOA can confiscate and seize your house. It's legal too!

​@@davidhunternyc1 I know, that's why u have to get every condo owner in the building on board!

@s99614 Yes it is.

Look at the city and state employees retirement plans! 😢. Very lucrative.

@@lindajohnson. Yes. My cousin worked for NJ for 25 years. Her pension is around 75% of her last pay, and is indexed to inflation. Plus, she gets SSI, also indexed to inflation. Lastly, she (plus her husband) have Cadillac medical and medicine coverage from the state, snd pay an extremely small premium. My Medicare Part B and D ins, for my wife and I, plus copay and deductible, cost us almost $13k in 2023. Glad to see my local real estate and state income tax is going to a worthy cause.

@@stevemaggs6781 Texas, is the same. Benefits are unbelievable.

🤔 well, as a retired LEO, I assure you. after 25 years of hell, working swing shifts and putting up with shitheads, putting my life on the line... EARNED EACH AND EVERY PENNY.

@@01Lenda Respectfully, what is a "LEO"?

You deserve your pensions. Don't let anyone tell you otherwise.

Yep. Totally agree. Calpers pension in ca is outrageous and pencil pushers can get it. Im a nurse. I understand certain jobs truly deserve it. Thanks for what you do. Most people can't conceive of the sacrifice. ❤

Agreed! 👍

EMS in my area is all private contractor.... The don't get any benefits you discribed, and the EMS services are not a drain on the taxpayer. The services are paid for by the people that use the EMS service. Fire fighting is also private, and not a drain on the taxpayers. Home owners subscribe to the fire fighting service, or pay a per service fee if called to fight a fire. And again, the employees don't receive the benefits of Government workers.... model has worked here for decades... things can change

@@colettespencer3357 The nurses that I know have it rough just the same. My daughter is working as a CNA, she said no thanks she’s going for X-Ray Tech and then work up from there

That sounds like a reasonable precaution. No one can say they were not informed of the costs at the time of sale.

I wonder if this ever works? Are people doing this?

"Citizens"? These are owners. The HOA is not a government entity.

@@flyingjeff1984 do people ever challenge the HOA? I am thinking not.

@@flyingjeff1984 but they have laws at their disposal to lien your property into foreclosure.

⁠@@notinamerica_911It sure does, but it's a long and arduous process. Requires detailed commitment and coordination by the community. My mom did it in her townhouse complex in Tampa, FL. Her HOA was bankrupt, didn't even pay the garbage bill at times. They gave out letters stating there would be a new city trash pick up schedule every other week. It was insane all the trash piling up at the dumpster. Eventually we found out it was BS. They just weren't paying the bill on time. Got the bulldogs involved (lawyers), eventually a bunch of foul shenanigans came to light. Like how one of the board members had his mistress (an only fans Zoomer) living in one of the units with her kids, rent free. Other members using the fund to pay for luxury car leases and one of the coordinators had two rental units in the neighborhood, even tho investment use was not allowed in the terms. It took over two years, lawyers, dozens of meetings and hearings, and of course money, but they finally dissolved the HOA in her community.

I'm a Floridian, but born in Jersey. You wouldn't be talking about Wallpack Center by any chance? What they did there was criminal.

True and unfortunately what you see with the older baby boomers and older generations is that they grandfathered massive pensions/benefits for themselves and then shut the door behind them leaving younger generations both with no benefits but stuck with the bill.

Fortunately this Boomer strategy will be short lived as ₿itcoin now provides a monetary escape hatch for younger generations to avoid being sealed within this economic tomb. However, Boomers will make one last ditch effort with the coming CBDC to seal everyone within forever. @@estuardo2985

😁😁😁😁😁😁

Did you not see this coming? I mean California has been vary generous (with tax payer's money) at what they call "social justice" programs and the like, plus inflation, etc, etc...

Are you not part of the problem as VP of the HOA?

That’s because they have in their contracts to get a percentage of the money contributed to the pension by non first responder government workers it’s in the union contracts. SFPD has one dude retired at 50 years ago pension is $500k per year retired.

Well isn't that a conundrum...

Property managers and the HOA board can always pad the invoice. Kickbacks from the vendors are common amongst friends. Kcups and snacks are renamed office supplies. They take boxes of cleaning supplies home. Your government is very similar.

Is a rackit some one gets rich on HOA FEES

Outrageous how high the fees have grown. I dont see much return for the fee. And they usually end up with a tyrant at the helm.

They hire relatives and friends to do the overinflated work and split the pie

Getting any transparency or documents at my condo complex is close to impossible. The board pulls every trick and sleight of hand in the book. If you stand up and question them in open meetings you will receive retaliation. We have a real problem on out hands.

This sounds like something out of sci fi dystopia novel.

In America, those armored vehicles are usually donations from the federal government. But yes, I think they're intimidating and unnecessary.

i live in chapleau ontario in the summer. (2000 people, on a good day). the opp are there. they have lots of police and there is nothing for them to do, so they make up things to do. they set up road blocks so they can check all drivers. there is only one main road out of town. this town is out in the middle of nowhere. if you are canadian you should be complaining to your elected officials.

Wow, not providing pensions. They want it all for themselves. When you go to China with everything not much left to fund the future.

About 23 million folks work for the Government, Federal, State, Local.. and they all vote Democrat... so don't expect those 23 million folks to ever be cut back to the same salary and benefits of the average private sector employee.. ain't going to happen

Most retirement programs will bankrupt due to bad investments like low interest government bonds.

Pensions are taxed so the money goes back into the system. Stop being a hater. You're pointing the fingers at the wrong people. It's the rich getting richer not the middle class like teachers firefighters etc.

I can attest to this. Work for a s&p 500 comp and no pension just standard 6% ira contribution.

Exactly!! There’s a nationwide shortage of Police.

Policemen, emergency, firemen...come on people. They deserve their pension and then some. Sitting in an office pretending to work and getting killer calpers pensions...hmmm...different story...just saying

My brother in law is a police officer in LA County CA and he is saying that no one is applying for the job anymore.

I've just inherited, and moved into, a condominium from my mothers estate. Originally, it was bought outright by my father, her ex-husband, before he passed and left it to her, although she never lived in it, my sister did. I have had a friendly relationship with the book keeper of the original property management company, by virtue of taking the check for the HOA dues to the office when my father became less mobile years ago. The owner of the original property management company just retired in April 2024, the month I moved in. Their business/client list was bought by a rival Property Management Company, the book keeper is working for the new Property management company. I have attended all 3 Zoom meetings, from April, on, but I am mostly just listening for now, and I have been researching ways HOA's can be exploited for profit by unscrupulous professionals, especially since there is virtually no State oversight, and what little there is, has no authority to investigate any alleged wrongdoing. It struck me as problematic that the lawyer/ real estate agent/owner of the *new* property management company is on the HOA board, and is running the Zoom meeting. Would you please explain *exactly* what you meant by your comment? As a thank you for your time: Search: "Abusive Guardianship" the problem is *way* worse than it appears online/on Facebook. And there is *no* Estate Plan written *no* Trust or Will, that can keep you from being placed into a Guardianship against your will. Courts can, and do, routinely void, rewrite, or just plain ignore your expensive Estate Plans, Wills, Trusts, and documents like DPOA, and Medical Durable Power of Attorney. You can prove what I'm saying is true by looking in your States Uniform Probate Code, or your States Uniform Trust Code, in one of the first few paragraphs , The Uniform Probate/Trust Code grants the courts the right to interfere with your Estate Plan, and they do, by bypassing your named Successor Trustee and appointing a professional Guardian/Conservator (depending on how each State defines these roles) who is now the legal version of you, you have no rights because you have been ruled incapacitated (a*legal* term *not* a medical term) and are now civilly "dead" under color of law. Everything you've worked for, your entire life, now belongs to the Guardian, and they will steal assets, with no fear of retribution or arrest. The great wealth transfer is a hoax, the inheritance of the next generation, is being looted by court insiders, in every State of the Union, and most Countries around the world. There was/is a company selling Guardianship business model franchises. And the new, self proclaimed, Guardians that are not preferred court insiders(no licensing required in *most* States) must go out and find their own person's with assets to exploit. There is a book by Diane *Dimond* "We're Here to Help, When Guardianship Goes Wrong" Netflix movie "I Care A Lot" although it is fiction, the Guardian character, is based on a composite of 2 known, notorious, convicted, Guardians, and the first 30 minutes of the film, depicting a removal of an unsuspecting elder, from their private residence, by the Guardian, with the help of uniformed law enforcement, is a true to life depiction of forced compliance. Lifetime just aired a movie with Melissa Joan Hart about a "Bad Guardian" and there are at least 3 documentaries, about "Abusive Guardianship" that you can search for, one of them won an Oscar for Best Short Film Edith & Eddie (I think)

Not some, all are lower property taxes then Florida, Florida is not as cheap as you all think, actually in my opinion Miami is more expensive then CA. First of all Highest property taxes in the country with TX, Restaurants in general suck, and are very expensive, much more then CA, Produce, much more expensive then CA, Gas is lower, rents are higher and now in Miami properties are more expensive and they are really badly build compare to CA, Electricity is more expensive, then CA, home gas is more expensive, Cars are cheaper in CA. So stop bashing CA! Yes and I am tired of paying Florida and particularly Miami ridiculous property taxes. Very easy to talk about CA when you go there 2 months a year but i live there 40 years, so I know CA.

Yeah CA is a beautiful state with great weather but look at the politics. That’s enough to keep me away. I believe that you have high state income taxes. All states will get their pound of flesh out of you one way or the other.

That balances out the fact that Florida does not have an income tax, and its sales tax is lower. No matter where you live you got to pay for those services and they will get the money out of you one way or another. Also the salaries of public workers are not as high in general as in California, especially state workers. But of course a small town in California might pay less than Miami.

California is 1000X better than Florida I can tell you that .

People it's time to make a move. Even California is too crazy.. depending in what area you in. The weather can suck either to hot or cold. It's about jobs and lower tax rates. Then the police are creating revenues by pulling people over and issuing traffic violations. And prices of everything homes, ECT. are excessive. No I rather live in Texas.. not California.

I used to love visiting Canada until the needle tyranny.

key word: cooperate. you're right, they insist on having their own water/sewer system, fire, police, even library. i worked in the city government and school system and the longterm employees there are incredibly racist. Benicia has a long history of self-segregation and now it's biting them in the a s s.

@@jessicah3782 thank you for sharing. To be honest, racism wasn't on my radar, but I know race has played a major role in how the bay area developed. I have family living in Vallejo, so I've been loosely aware of Benicia for a while. I get annoyed at how people just jump to conclusions and smugly go, "ah, must be the democrats over spending, all these lazy public employees collecting princely salaries and pensions, bleeding the city dry." The reality of the situation bares little resemblance to these stereotypes. NIMBYism is a massive problem all over CA. It crushes all new housing, all meaningful develoment. No other country in the world, are people allowed to.dictate what their neighbors do with their property. But in CA, if you just whine about how adding these new homes is going to make traffic worse, or it's going to "change the character of the neighborhood" or it will make the butterflies cry, then it won't get built. Every property owner in CA whines about the cost of the housing, then they turn around and crush new housing in their community, totally unaware of how these two things are connected. I can't tell you how often I've seen community groups (sometimes acting as a front for the developer's rival) have been able to block construction.

Benicia could merge fire depts/ police with a larger city/county nearby. Smaller cities in So Cal have contracted with a larger agency to handle. Some cities offload fire only, some both. It's hard for smaller cities to absorb the pensions and work comp benefits. Some cities merge and are happy for more promotional opportunities with a larger agency.

Prop 13 was passed in the 70s because people were having to move because of rising property taxes. The property tax bill was larger than a lot of people's mortgage payments. As you point out other cities which are also under Prop 13 are offering their employees more. So, it sounds like the issues are with the city's structure or management.

I agree with you. Younger generations are getting the shaft while boomers ride for nothing

That is definitely an issue. In Texas your rate and assessment can change every year. (there are some restrictions on how much each year). They do have an over 65 exemption which will freeze your valuation when you hit 65 but as soon as that elderly person sells their home (or turns it into a rental) it will get reevaluated to current value.

@@gregorylyon1004 I disagree. Prop 13 is doing what it was designed to do. Preventing rising property taxes from pricing you out your home. Younger owners are protected exactly as older owner are. And as any buyer gets older they can be confident that the property taxes will not force them to sell. Be that someone in the their 20s, 30s. 40, or 60s.

Interesting but did you know most Police/Fire pensions are independent separate entities and funded by the actual Policemen and Firemen? While the city/county makes a contribution the employee does as well, it’s invested and protected so city/county governments Cannot touch or dip into them..

When does it collapse?

Geeze... I'm starting to think I don't want to own anything..and think I will be happy. You won't own anything and you will be happy? Maybe!

Crazy!

That is insane. I looked at property in Cape Coral (online) years ago and thought abt how cheap it was to live there on a canal. Fortunately for me, I grew up on the water and our house was horribly flooded when I was a teen. Lesson learned. I like to visit the coast, but don’t want to own a house on the coast. Had no idea that cities or counties could hose single family home owners with charges like that. That’s horrible.

Not to mention being built by unskilled non union workers so they definitely are not quality builds

They can always cut services.

​True. My expenses go up on a fixed income, I have to adjust my budget accordingly. I can't just demand more money.

The debt collectors will come after you and you might be forced to sell at a fire sale price.

This is what happens when you have Communists running the country.

NJ too

​@@rbocc13Michigan also

keep the stock market up!

You should apply to do that job my friend.

@@jameskozlowski5496 yes you should you know why there's a lot more dangerous jobs out there by 1000 times that do not receive a pension that is 100 over 100,000 a year yes that is what cops receive after retirement most of them is well over 100,000 a year for the rest if there lives

I left a funny truthful commet,@raphel

@raphel lauran..... Your right on the button.,.. Steve....

Great way to turn it into the Oakland, Richmond etc. Hey let's just invite the crime in. Great idea!

@@em6259 Solano County Sheriffs would take over policing duties. Oakland/Richmond are incorporated cities and have their own Police Departments. So where's your logic Benicia will get worse crime than right now?

Haha😂😂😂, you are the KING

Good theory. Except you are in fantasy land. Very few states have zero protection of homeowners. People would just leave. What to know what the tax collection on zero residents is? Plenty of places in America have zero residents...

@@hvaball150 Not sure what you're responding to? Perhaps you're living in fantasyland?

Prop 13 is a slow moving disaster for California. Needs to be repealed.

@@kilngod1943 no, I'm sure you are.... As I said, almost all states have some variety of tax protection to ensure long term residency like prop 13. Places would overwhelmingly fail without it. Like countries on the gold standard. They adapted to Fiat or disappeared... As they couldn't fund the war machine without debt... People would leave...

@@hvaball150 I grew up and lived in California for the last 55 years. Prop 13 has been a boat anchor on every California institution (city, county, etc.) that did not have a substantial retail tax base, retail tax rates are super high in California for a reason. I've lived more than a few cities who lacked a retail tax base; Sierra Madre, Ranch Palos Verdes and these cities could not afford their police forces let alone pay for decent schooling for their children. Imagine a 5-million-dollar or more beach front property that pays well less than $5000 in property tax because its assessed value is from 20+ years ago. There is protecting taxes and then there is Prop 13 which benefits who? Believe me I made plenty on California real estate, enough that I have nothing to worry about.

Also living near salt water. Salt water accelerates rusting. Not good for gates, fences, rebar, nails, and other things made out of metals. This drives up maintenance costs.

Almost all condos have this problem. #1 most people don't show up to meetings. #2 the ones who do are mostly the broke ones who always vote against doing enough maintenance.