In Japan, train companies can earn revenue from rents in surrounding station areas on top of fares. In CA, we can invest billions in infrastructure and subsequent spikes in nearby land/property values are captured almost wholly by the people who happen to own nearby property. https://twitter.com/dangillmor/status/1078168004360171520 …
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Here, read
@e_jaffe:https://www.citylab.com/transportation/2012/05/secret-tokyos-rail-success/2044/ …5 replies 17 retweets 104 likesShow this thread -
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@SFBART and@Caltrain have some of the best farebox recovery ratios in North America but you really need the land rent/land value capture + density to make the#s and system work well. https://en.m.wikipedia.org/wiki/Farebox_recovery_ratio …4 replies 8 retweets 80 likesShow this thread -
Kim-Mai Cutler Retweeted Market Urbanism
Attaching another discussion here:https://twitter.com/marketurbanism/status/1078176697114083329?s=21 …
Kim-Mai Cutler added,
Market Urbanism @MarketUrbanismI'm not sure how true this is across Japanese railroads. JR East and Central, which I think are the biggest privately owned railroads, make way more from running trains than real estate/retail https://www.jreast.co.jp/e/investor/ar/2018/pdf/ar_2018-04.pdf … https://global.jr-central.co.jp/en/company/ir/annualreport/_pdf/annualreport2015.pdf … https://twitter.com/kimmaicutler/status/1078171664087699456 …Show this thread3 replies 3 retweets 23 likesShow this thread -
Also housing isn’t celebrated as a primary wealth accumulation tool in Japan the way it is in the US. So the cultural expectation that houses must appreciate is not amplified & embedded by lending, tax & zoning policy at every level of govt like it is herehttps://www.economist.com/finance-and-economics/2018/03/15/why-japanese-houses-have-such-limited-lifespans …
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Replying to @kimmaicutler
Owning a resident as an investment is a relatively recent development...and one that only occurs in certain parts of the country. I owned a home for 5 years in '70 & ‘80s. The increase in value was in the low four figures—typical for the era. 1/
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Replying to @MyBackyardPara1 @kimmaicutler
I never expected my current home to appreciate the way it has. It was a home, not a speculative investment. People often sell their homes at a loss. Values fluctuate differently elsewhere, like Vegas. Let’s not forget the housing bust before we asssume homeo who is getting rich.
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Replying to @MyBackyardPara1
Maybe if we didn’t have the cultural expectation that they should be a huge profit center, maybe consumers wouldn’t have leveraged themselves so much, maybe the banking system wouldn’t have created so many instruments of leverage etc etc etc.
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Replying to @kimmaicutler @MyBackyardPara1
I think your view on this is distorted by living in the Bay Area. For most of the US, homes aren’t viewed as a huge profit center.
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Replying to @twitskeptic @kimmaicutler
Very true. Look at Vegas. Or Stockton. There a home is a loss center.
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so what cultural expectations were fueling this behavior a decade ago? https://www.reviewjournal.com/business/housing/subprime-tsunami-hits-home/ …
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Replying to @kimmaicutler @MyBackyardPara1
Like any bubble, that this time it's different and that people thought they were smart enough to flip before the bubble burst. And despite the long term 1% real return (not including depreciation or financing costs) on home ownership.pic.twitter.com/sWIdCw00qE
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