Lengthy list of state and local officials announce their opposition to the #Prop10 rent control expansion headlined by former LA mayor @antonio4ca. Current LA mayor @ericgarcetti is in supportpic.twitter.com/WYGXXm2kCK
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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Lengthy list of state and local officials announce their opposition to the #Prop10 rent control expansion headlined by former LA mayor @antonio4ca. Current LA mayor @ericgarcetti is in supportpic.twitter.com/WYGXXm2kCK
do they state why?
“The state and local leaders say that Proposition 10 would hurt local budgets and will undermine the state’s efforts to tackle California’s affordable housing crisis by slowing the production of more units for low- and middle-income Californians.”
The CAA spokesperson just on Your Call made economics sound like a protection racket--"If developers can't make as much money as possible, they will refuse to build, not even because of any specific rent control policy, just the *possibility* of new laws." Call their bluff I say.
it's not... not make as much money as possible. It's that they'd actually lose money, so they logically won't build anything at all, which will just enhance/maximize financial returns for people who already own pre-built, existing property (like you!)https://www.bizjournals.com/sanfrancisco/news/2018/04/26/construction-costs-killing-new-bay-area-housing.html …
this is vexing me... your argument is that if developers can't make as much money as the market allows, whatever amount that is, that they'll be losing money. why don't you invest some of your firm's portfolio in developing housing with a lower ROI than the top of the market?
investing in a completely different asset class than what you told your investors you'd invest in is probably fraud? You'd have to raise a dedicated real estate fund. But also, generally speaking, many VC firms are stewards of capital on behalf of orgs like pension funds which
have to produce returns to fund the retirements of workers. The city of SF has $1B invested in venture capital for public sector retirees, for example. https://mysfers.org/wp-content/uploads/2017/09/SFERS_AnnualReport_FY16_web.pdf …pic.twitter.com/w7VSogWgpO
there are some real estate funds, which invest capital on behalf of CalSTRS (AKA California teacher's retirements) that would like SF real estate to have a lower expectation of return akin to infrastructure since it's a relatively safe asset, but no dice.
also, one must keep in mind that every time these funds produce lower returns, more has to be cannibalized or crowded out of existing and future services in order to fund the difference. https://mysfers.org/wp-content/uploads/2017/09/SFERS_AnnualReport_FY16_web.pdf …pic.twitter.com/J0KljQdEBC
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