
Last night, Mr Lam Sau Wing, personal finance guru on the Cantonese TV channel KTSF, spoke for nearly 7 minutes about Prop 19.
He described the difference before and after Prop 19. He explained that previously, Prop 58 allowed heirs to inherit without reassessment. He also mentioned Prop 60, allowing seniors to move their property tax basis once in their lifetime, leading to the reason why Prop 19 passed easily when people looked at the benefit of moving three times with low basis, an increase from what was allowed before. However, in doing so, people were careless and did not realize the extremely harmful part of property tax reassessment upon inheritance.
He said that now the difference in property tax increase could be from a few thousand dollars to tens of thousands of dollars. All Chinese people should come forward and support the signature movement organized by an association, to collect one million signatures by mid January, 2024, to place it on the Nov 2024 ballot to be voted on. We have to gain the right to vote to reverse the current situation.
He included the following:
Other property and the million dollar exclusion.
He said it is unreasonable to expect heirs who might already have their own homes or live out of state to move back within the first year and to live in the inherited home continuously.
He said more than a million signatures are required as naturally some signatures are disqualified.
The petition is available from sauwing.com
Monday night's program is repeated on Sunday. The only thing he "omitted" was that the good part of Prop 19 will not be repealed. He spoke fluently and seemingly without a script.
It is great that he is spending time on his program to remind his audience of Prop 19. This is exactly the kind of media exposure we need regularly.
Any one of you can write to thank him for spreading the information. money@cchc.org is his email, and your message can be English or Chinese. He graduated from Berkeley and is fluent in English. Actually, I hope he can go through how not to get disqualified in filling out the signature in a later program. Mandarin speakers can understand him perfectly if they go on his website, as the written language is the same.
Lam has done a lot of good in his community since he retired at age 45 from Union Bank. He must be in his 60's now. I wish all cultural communities have a Mr Lam. He told his audience of programs that benefit them, like the Dream program to help with the downpayment for first time home buyers early in 2023. The money was all claimed in 11 days!
Do not be shy about writing to him. He needs to know about your efforts. I wonder if he can help and send an appeal for volunteers in certain Counties to join those who are working so hard. I followed a lead given to me and wrote to a news person who is a buddy of Mr. Lam recently, asking Mr. Lam to keep talking about Prop 19. I have no idea if there is a connection between my request and the Monday 11/20 segment on Prop 19.
If Mr. Lam talks every week about Prop 19 from now on, it may turn the tide in our favor. It might happen with your thank you messages.