Who Owns Southern California? Notes by Mason Gaffney on Concentration of Landholdings, Orig. 1988 and Updated from Time to Time
Who Owns Southern California? Notes by Mason Gaffney on concentration of landholdings, orig. 1988 and updated from time to time. Rev. 3/5/97 (References to cognate works on disk are in Appendixes.) Several million persons, perhaps half the resident adult population, hold titles to land in Southern California. With so many holders, the median holding is perforce small, although well above the national median. But the mean holding is well above the median, indicating a skewed distribution. All wealth distributions are skewed; so, to a lesser degree, are income distributions. Landholding, however, is more skewed than other distributions. In 1985 the Internal Revenue Service released a report based on a study of 1983 estate-tax returns. According to the report, "More than one-half of his (the mean top wealth holder's) wealth was held as real estate and corporate stock, with real estate surpassing corporate stock as the most prominent asset in the top wealthholder's portfolio" (AP dispatch by Jim Luther, Riverside Press-Enterprise, 8 Mar 1985, p. A-3). This report warrants careful study. Corporate stock, in turn, represents ownership of the assets of corporations, much of which are real estate; so when we combine the two forms of owning real estate, real estate is unambiguously the major asset of top wealth holders. Even public lands, which are nominally owned equally by everyone, are dominated, in practice, by a handful of giant lessees. Income from real estate is more concentrated than overall income, for the obvious reason that most people own too little property to account for much income.
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