Why don’t developers build affordable housing? Because it’s mathematically impossible given land, labor and permitting costs. Taxpayers or “luxury” housing can cross-subsidize a nominal # of affordable units.https://twitter.com/woolie/status/1022918737068838912 …
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It is important to note that many of these costs our under our control can can be changed, if we have the political will. Certainly permitting (including carrying costs waiting on permits) can be much cheaper. And land prices can be amortized over more units if we allow density.
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Land value doesn't work that way. If more units are approved (higher density), the land IMMEDIATELY increases in value. If current raw land value is $400,00 per unit, it will remain $400,000 a unit, times the higher unit density number. Want cheaper land? Tax the hell out of it.
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Imagine how many people could have college degrees, affordable housing, .. via "$$ found" (debt accrued) for new farm subsidies introduced b/c of fallout from new agricultural tariffs. BTW, does the new EU soybean deal, mean the farm subsidy/bailout/bribe/fix can be Lowered?
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At $70k/year, incarcerating one person in CA = paying the entire mortgage on 1.4 x 750k units. With an average household size of 2.2 in SF, that means you can house three people for the price of jailing one -- more, if they're contributing to payments.
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Also, this author rolled the cost of constructing ground-level space for lease (to an arts organization and a childcare canter) into the purported per-unit cost of the residential units above them. Declaring the construction cost $756k/unit is bad math.
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I tell people all time but they don't really get it. You're 100% right. Only construction is for rich people.
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Rarely do people unbind the logical costs of the problem: we need to restructure the policies and the cost components. We can do that if we’re not tied to obstructing the status quo. Thanks for talking plainly about the details. Are you active in that pursuit?
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