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this post was submitted on 21 Jun 2024
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Imagine selling a house in Los Angeles in 2021, and then trying to buy a comparable house back today. That's potentially hundreds of thousands of dollars of detrimental reliance due to inflation, let alone all the other moving and transaction costs.
Edit:
The judge ought to force Disney to pay enough for Mr. Fong to buy back his specific home -- not just a "comparable" one -- regardless of how much the new owners want for it.
In my limited understanding of California property taxes, I believe property values are only reassessed on the sale of the property, so if he was living in a house deeded to him by his parents, he might have been paying taxes on a decades-old appraisal. So even if they bought his exact house back for him, he’d still be stuck with significantly higher taxes, which he’d have to fight to be compensated for as well.
The value of knowing your neighbors is essentially priceless. Moving from a childhood home into a new neighborhood puts one in a new community of complete strangers, from which it can take decades to develop new neighborly relationships.