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Reply to "Retirees living off their investments in expensive resort towns"
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[quote=Anonymous]Wealthy people in Newport Beach are people that have likely lived there for 30+ years, purchased R/E much cheaper, have very little property tax (because CA dramatically limits increases in property tax if a property doesn't change hands) and likely had high paying careers (either working in Orange County or even LA). I mean, most people retire from cold weather to warm weather...but if you already live somewhere that is 78 and sunny and no humidity, and you are wealthy...well, you probably aren't moving[/quote]
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