Daniel Miller

Always honest, sometimes funny. Husband, dad, nerd, entrepreneur, RE investor.

[Daniel Miller @Dmilll]

@deedydas Too few talk about “and do what? right now, everyone wants to talk to me. if i sell, I will only have money." How is it some of the smartest people in the world are duped into chasing a pot of gold at the end of the rainbow only to realize it wasn’t what they really wanted?

[Daniel Miller @Dmilll]

@recap_david Calico

[Daniel Miller @Dmilll]

@BarbellFi In the event of default these can go sideways. Depends on the state you live in. Taking a house back can be complicated and expensive. It’s not simple, especially in CA.

[Sahil Bloom @SahilBloom]

I’m increasingly convinced that the key to life is being unapologetically yourself. When you edit your personality, you attract relationships that need constant maintenance. Stop filtering yourself to be liked. Right ones will stick. Wrong ones will walk. That’s a blessing.

[Daniel Miller @Dmilll]

Absolute no-brainer that this is happening. The problem isn’t mortgage rates. The problem is low inventory caused by highly restricted and un-incentivized development.

[Mike Solana @micsolana]

I imagine this is true in every major metro in the country. when you outlaw development, and then spend a half century paying poor people to live in otherwise expensive cities, any remaining housing skyrockets in value. now your city is for millionaires and the homeless only.

[Daniel Miller @Dmilll]

@shawngorham A better question is probably how many homes did they show this buyer prior to writing the offer? I feel like that’s where most the value is tbh. How many homes were eliminated from consideration? How many preferences were refined by previous showings?

[Daniel Miller @Dmilll]

I really hope something is done about this to course correct. The problem isn’t just the bill itself. The problem is the precedence it sets.

[david friedberg @friedberg]

California started with the Gold Rush and might end with the Golden Exit.

it has been underreported how much wealth has left CA because of the asset seizure tax being proposed.

a private poll was conducted amongst affected individuals a few days ago and 80-90% surveyed said they have already left CA in 2025 or will leave in 2026 if the ballot measure looks likely to pass.

$2-2.5T of assets gone, representing about $20B of annual revenue for the state government. and likely hundreds of thousands of jobs now at risk.

less reported is the bigger exodus underway from folks who are NOT directly affected but worry (as they should) that this law will quickly transition from billionaires to everyone else...

the initiative actually gives CA legislators the right to take anyone's post-tax assets anytime in the future based on a majority vote. this isn't about billionaires. it's a new "tax system" that simply destroys private property rights in America.

all private property is now public property.
even after paying your taxes, it's not legally your property anymore. it's the government's, you're just borrowing it.
legislators will decide what you get to keep and temporarily use each year.

countless founders, CEOs, and other business leaders are actively looking to move their companies out of state. not just tech, not just AI, not just billionaires, but the core engine of California's prosperity since 1847 is unraveling.

and here is how this initiative risks unraveling America:
- ~10 states have explicit or implicit prohibitions against an asset seizure tax...
- individuals affected in CA (and other states trying to do the same) will move to these states that endow private property rights.
- CA already has a $20-30B annual budget deficit, an unfunded ~$1T pension liability for public employees/unions, and $500B of debt outstanding. the state can not afford to borrow much more and will launch more asset seizures to meet its obligations.
- asset seizures will first transition to "millionaires" and eventually to the entire middle class as more asset seizures drive more people to leave the state.
- the deficit, debt, and job loss will spiral. the Golden Exit.
- no US state has ever declared bankruptcy. in addition to CA, dozens of other states face similar fiscal crises - legislators promised future benefits that can't be paid or theft and waste have been allowed to run rampant and unabated for years.
- struggling states will eventually request federal government assistance, as they always have in times of fiscal crisis, effectively "federalizing state debt".
- states not in crisis will declare "enough is enough", individuals in those states will refuse to pay their federal taxes (why pay for other people's mistakes?), some states may try to secede from the Union, and a constitutional and civil crisis will erupt.

this may seem far-fetched but it is the obvious domino effect of selectively deleting private property rights for some people in some states.

i am not a billionaire and this CA bill does not affect me, but i care about the country and the state of CA. i want both to thrive. it's obvious that there are people in CA in desperate need of support and assistance, and inequities may exist that need to be rectified, but eliminating private property rights is the wrong path for everyone.

a few alternatives to consider first:
1) with a $350B annual budget, CA can cut programs that result in theft and little-to-no benefit for citizens. $50B per year is likely recoverable.
2) if more taxes are needed, tax loans against unrealized capital gains (very few objections will arise), eliminate tax-free rollover of certain appreciated assets (real estate industry will fight), create a step up in basis on inheritance (some will fight but most will support). likely $10Bs of incremental revenue can be realized.
3) restructure all public retirement programs from Defined Benefit to Defined Contribution. eliminating the unfunded retirement liabilities ($1T+) will be the release valve on the future the state so desperately needs.

we must address what ails us without dividing and destroying our state, our nation, our home.

ignore the rhetoric, these are the facts.

[Daniel Miller @Dmilll]

I hate Home Goods. But, my wife loves it. Alas, here I am, walking through Home Goods. Someone send help.

[Daniel Miller @Dmilll]

I never really feel poor until I look at Anthropologie’s website.

[Daniel Miller @Dmilll]

@shawngorham Ruined in the best of ways

[Daniel Miller @Dmilll]

@shawngorham Win by singles or win by home runs? I know I lean towards singles but hope for home runs.

[Daniel Miller @Dmilll]

@shawngorham Feels like 95% of market value would bring in the right amount of qualified buyers without all the nonsense and end up selling at the same price ultimately. Listing at 80% is wild.

[Daniel Miller @Dmilll]

@thesamparr As an entrepreneur who struggles with fomo and constant ideas pulling in different directions: Acres of Diamonds by Conwell, a 51-minute listen on Audible, has really helped me with this. https://t.co/LNoezdU1hY

[Daniel Miller @Dmilll]

“Price improvement” instead of “price reduction" in real estate has gotta be the greatest sales nomenclature adjustment since “certified pre-owned” got swapped for “used” cars.

[Daniel Miller @Dmilll]

@stalman Parent videos of kid soccer games are gonna be fire now

[Daniel Miller @Dmilll]

@LA_Multi_Fam Curious what the improvement cost was

[Daniel Miller @Dmilll]

@jasonfried Overlay font is 👌🏼

[Daniel Miller @Dmilll]

@gregisenberg Congrats, Greg! Love this.

[Daniel Miller @Dmilll]

@mattbaran Very high 😢

[Daniel Miller @Dmilll]

@jasonfried Much better 🫡