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Residents Complain That SaMo's Huge Property Values Are From Development Apocalypse

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Clearly people will forever want to live near the beach in Santa Monica: the value of all assessed taxable property in the city climbed by 4.6 percent over last year, the Santa Monica Daily Press reports. The assessment is especially good, as city officials estimated only a 3 percent increase. And what's truly amazing is that the tiny 8.3-square mile city has the third-highest assessed value in the County--a total of $25.765 billion--coming in only after enormous Los Angeles and Long Beach. The additional value means more taxes will be funneled to the city to provide for city services and upkeep, so you'd think this would be seen as good news. But since some of the assessment increase stems from additional development in the city, some people hate it: "If anything, [the increased property values] demonstrate that [Santa Monica] is absorbing more than its regional share of development, and much more than its share of actual, negative impacts," the chair of Santa Monica Coalition for a Livable City, told the SMDP, "which we can see with our own eyes, but which are not captured in this type of limited monetary measure." Ok, then.
· Santa Monica property values climb [SMDP]