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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Replying to @kimmaicutler
the fact that the building is worth $8.2 million is not a public policy success Kim-Mai. sorry
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Replying to @kimmaicutler
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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Replying to @kimmaicutler
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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Replying to @kimmaicutler
That economic growth gets disproportionately captured by landowners (again!) and the cycle aggravates or rinse and repeats.
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Replying to @kimmaicutler
yes, contemporary SF has become a very extreme example of capitalism's upward redistribution of wealth through the production & reproduction of real estate. i'm glad you're on board with david harvey but it doesn't mean that the city described in that article isn't san francisco
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Replying to @upwithppl @kimmaicutler
the fact that the trend isn't new doesn't mean the trend isn't true
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I’m not really on board with David Harvey in part because he’s so often invoked by said first-wave gentrifiers to build absolutely nothing near anyone.
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Replying to @kimmaicutler
lol. don't blame harvey, he's not a nimby, he's a not-in-my-post-modern-post-capitalist-spatial-utopia
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