Prop 13 made state college literally 1000% more expensive but homeowners also "need" Prop 13 to help leverage their home value to pay their kids' skyrocketing tuition. hmmm I wonder if someone is profiting off of this outcome
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seriously, the drive to keep our financial sector fed and happy is gobbling our entire society wholepic.twitter.com/ZOnpJI0ZlQ
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our deregulated financial system created a housing bubble that immiserated aspiring homeowners then pushed them into the rental market, and our "recovery policy" to juice finance has exclusively benefited the home- or land-owners who emerged unscathed... https://blogs.cornell.edu/cradle/2019/02/11/what-the-federal-reserve-got-totally-wrong-about-inflation-and-interest-rate-policy-getting-real-about-rents/ …pic.twitter.com/daH84YHr0C
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...which in turn led to hella high market-rate rents on new development (the word is "sticky", which is econspeak for "they don't go down easily despite what urbanists want to think"). housing
isn't
toothbrushes
pic.twitter.com/0X1cFNeABe
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(I feel a lil validated that the financial macroecon genius people mentioned that landlords offer "first month free" perks on new rentals because they *can't meaningfully reduce rents* and pay off their loans. when I say that to put MR housing in its place, everyone yells at me)
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anyway, there's a lot more that goes into why housing prices are the way they are or why things get built or don't get built, than most of the lazy "econ 101" explanations that show up on Twitter
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nancy pelosi's endorsements guy 🌹 Retweeted 🌹Revolutionary 💥Clown 🍉
evergreen tweet:https://twitter.com/revclown/status/1003684900061437952?s=21 …
nancy pelosi's endorsements guy 🌹 added,
🌹Revolutionary 💥Clown 🍉 @RevClownReplying to @RevClown @sbussoh, and higher interest rates too. the logic of looking at housing policy through the lens of 'feasibility' is anchor yourself to the economic fundamentals driving the developer's decisions and start racing to the bottom to respond to those factors.2 replies 0 retweets 6 likesShow this thread
Developers aren’t going to build if they’re losing hundreds of thousands of dollars per unit. Like all asking incumbent homeowners to sell at a loss.
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