More like a cutthroat high risk high return endeavor.
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Replying to @Maxtropolitan @IDoTheThinking and
i mean a bunch of real estate development companies are publicly traded and publish annual reports. you can check the margins if you don't believe me.
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Replying to @mtsw @IDoTheThinking and
Margins being tight and the people running the show getting filthy rich are not mutually exclusive situations.
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Replying to @Maxtropolitan @IDoTheThinking and
of course but the point is that there aren't necessarily huge surpluses of profit in most developments that can be redirected to BMR housing without making the project uneconomic
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Replying to @markasaurus @Maxtropolitan and
one of the reasons I prefer direct provision to IZ is because you can do it as counter-cyclical stimulus to keep construction equipment and labor productive in downturns, while IZ makes housing construction even more pro-cyclical than it already is
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Replying to @mtsw @markasaurus and
again, this is theory until I see a credible alternative
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in meatspace, we’re seeing hamfisted attempts to reduce IZ on developments where the developer has *already agreed* to the percentage, so from the standpoint of an organizer, the arguments strain credulity. but that’s politics
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Anecdotes aside, I think the overall numbers across the board and systemwide speak for themselves. https://www.spur.org/news/2018-11-08/how-has-san-francisco-run-out-money-affordable-housing …. I saw Kate Bartley’s MOHCD presentation myself and it is a *dramatic* decline this past year.
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I’ve always said construction costs were a factor (and interest rates), but the city has more control over one factor than the others.
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