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Algernon Austin

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Articles

California Wealth Tax Initiative: A Chance to Express Your Opinion of Billionaires

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By Dean Baker, Algernon Austin
| Center for Economic and Policy Research (CEPR)
A coalition of progressive groups, led by the huge union SEIU-UHW, managed to get a one-time 5 percent wealth tax on the ballot this fall. The tax would apply to the assets over $1 billion held by the state’s 200 or so billionaires. This is a great opportunity for the people of California to tell billionaires what they think of them.
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House Prices Are Falling and We Haven’t Solved the Problem of Restrictive Zoning

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By Dean Baker, Algernon Austin
| Center for Economic and Policy Research (CEPR)
I happened to look at the Case-Shiller house price index, and I was struck by something that seems to be getting very little attention. It’s falling. This is noteworthy because it seems the folks screaming about the need for zoning reform haven’t noticed. As readers may recall, a couple of weeks ago I had a little fun with New York Times columnist Binyamin Appelbaum (who is generally very insightful) because he thought he found the secret to curing the housing problem.
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Homeowners Insurance: A Big Item Missing From the Consumer Price Index

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By Dean Baker, Sylvia A. Allegretto, Algernon Austin
| Center for Economic and Policy Research (CEPR)
Since 1983, the Consumer Price Index (CPI) has used a rental equivalence measure for owner-occupied housing. This is supposed to measure the rent that could be charged if the home was rented. We can think of this as what the homeowner is paying to themselves. It might seem a strange idea, but the prior method — measuring the increase in house prices as part of the CPI — effectively implied that homeowners were worse off if the price of their house rose by 20 percent.
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