Why are pro-housing groups split on Proposition 45?

Progressives are hoping California’s proposed wealth tax — a ballot initiative known as Proposition 40 — will be a launching pad for a nationwide push to tax the “super rich.” But fresh evidence suggests the policy is likely to backfire. A new paper published by the National Bureau of Economic Research finds that the proposed levy, a one-time 5% tax on billionaires’ wealth , would likely leave…