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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Replying to @IDoTheThinking
Have you seen any explainers on the cost-side of building in Tokyo? My understanding is current labor, land, and material costs in the inner bay area practically make it impossible to build 2BR units that can be rented out at a profit for anywhere near $1,000/month.
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Replying to @bedwardstiek @IDoTheThinking
because we have allowed a lot of the wealth creation in Northern California to just get largely absorbed by underlying land values since the 1970s. Japan doesn't culturally treat housing as an appreciable asset.https://www.economist.com/finance-and-economics/2018/03/15/why-japanese-houses-have-such-limited-lifespans …
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Replying to @kimmaicutler @IDoTheThinking
@markasaurus 's annual development cost calcs put land acquisition at about 20% of the unit cost on mid-rise development in San Francisco. I mean ,you could cut land costs in half and you still wouldn't be able to profitably build $1,000/month rentals.2 replies 0 retweets 1 like -
how much of labor's wages are effectively reabsorbed back into land via the rents/cost of housing they have to pay?
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Replying to @kimmaicutler @bedwardstiek and
how much of fees effectively exist to compensate for the flipside of allowing so much wealth to be absorbed underlying land values because Americans weirdly want housing to be both a good investment *and* remain affordable?
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Replying to @kimmaicutler @bedwardstiek and
right, and the whole point of decommodification is rooted in the idea that housing being a good investment and a universal right are completely incompatible
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Replying to @uhshanti @kimmaicutler and
saying “but Tokyo” isn’t necessarily the gotcha rejoinder to American decommodificationists that some people like to think it is
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I think Tokyo is very interesting, as an also seismically active, dense, urban part of the world, but it also assumes lots of really profound cultural, legal and financial changes in the structure of the US, which has been a property rights centric democracy for almost 250 years
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Replying to @kimmaicutler @bedwardstiek and
yes!! thank you!! I feel like I'm taking crazy pills
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Replying to @uhshanti @bedwardstiek and
you're not taking crazy pills. But both mass-scale social housing (as in way 10X+ larger than the 1930-1970s period) & Japan style decommodification are totally foreign to the way this country has culturally operated at every level for centuries.
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