This is a trite, superficial story starting from its very lede. The Lucca’s ravioli family is making as much as $8.2 million from selling the building and lots. They’re getting to retire. https://missionlocal.org/2019/04/lucca-bids-san-francisco-adieu/ …https://twitter.com/washingtonpost/status/1130872891325784064 …
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It’s just more complicated than what it seems. The first-wave gentrifiers bought into something that was undervalued because of racialized federal housing policy that stripped capital from cities, they got to ride property values up as interest rates declined, but they still
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pay property tax rates from decades ago, which don’t keep up with the cost of services, which means their public institutions have to compensate or offset that by attracting business or putting more capital to work in high-risk, high-return asset classes.
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