The Difference Between Caps and Fasens

In places like California and New York City that have caps year on year, if that cap is lower than the growth rate in the property value, you're just never going to catch up. The effect of that is to discourage people from moving. Andrew Hayashi: I don't think the property tax caps change a whole lot but it doesn't really change when there's sort of a differences in bargaining power between a buyer and seller.