Obviously construction costs would also be higher if wages were higher, though on such a timeline the industry would probably be more automated than it is today, so it wouldn't be that large of a difference.
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I don't quite buy this premise. Housing in SF isn't affordable because of a lack of new buildings, making the supply curve almost vertical. So no matter how much incomes rise, constrained supply still makes it unaffordable. More elastic housing supply would make this true, though
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This is more about politics than economics. Right now there are people who oppose new apartments because they can't personally afford to live in them. If that weren't the case, there would be less opposition to building.
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Landlords would suck up a ton of that $$, as long as the ratio of renters:units remains unchanged (and it would probably get worse; wages like that would almost certainly increase migration to the area).
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Whether more people would move here is debatable, there'd be fewer retail/service jobs and more automation if wages were that high.
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It’s the shortage of housing in San Francisco that’s in play. Add two million new rental units in SF and watch housing become affordable. Block new dense housing, and watch rents climb higher.
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Politically there would be less opposition to new housing in San Francisco if the average person could afford rent in new buildings. Right now there's opposition from people who see new buildings as gentrification, because current residents can't afford the rents.
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Market rate housing and land always trends toward unsustainable inequality. This was discovered even during Henry George’s time. But unlike the mostly negligible impact of Land Value Tax, taking land off the market via deed restricted trusts like CLT actually works
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Community land trusts are great, the big challenge here is how to scale them up from a few hundred homes to most of the homes in a growing region. Would require huge taxes or expropriation. Freeway removal is another option.
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But then rents would be even higher
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Čini se da učitavanje traje već neko vrijeme.
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