Tokyo builds more housing than the entire state of California and housing is a depreciating asset. Tokyo's population has risen more than most major U.S. cities like New York and San Francisco. De-commodification or not, supply is an *strong* factor in affordabilityhttps://twitter.com/geographyjim/status/1113328661581766656 …
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<apologies for blowing your name, Kim-Mai! I'm bad when on mobile> In-the-weeds stats-nerd fact: The official Census Bureau construction spending stats actually assume that hard costs are a fixed % of **sales prices**, which is just wrong for certain market places/periods.pic.twitter.com/2jyI8VDGQQ
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Since the print is teensy, here is what is says: "the average construction cost is the average sales price at the time of start multiplied by the factor 0.8424" So Census assumes only 15.75% of the sales price goes to land, marketing, closing & appliances.
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@bedwartstiek is generally in the ballpark with 20%. Land is more costly for estate type uniplexes where 35% might be the number. Building is expensive even when the land is free as in some affordable building arrangements.
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When people start spending well over a million dollars to buy a house to tear down and build another one, it's clear land is far more valuable than the structure. Time to upzone where that is happening. Share the Land.
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