The fact that SB50 drew support from the organized lobbies of realtors and landlords, two sectors that profit from high housing prices, was pretty strong evidence that people who know the space didn't expect it to appreciably lower prices.
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But the all-consuming focus on zoning *has* diverted the discourse from other areas: the steady decline in public funds for affordable housing, wage stratification that's produced a growing class of people whose needs the market cannot profitably build for...
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... the rise of PE-backed mega landlords (hello, Blackstone!) with, in some areas, monopolistic price-setting power; the rise of footloose capital keeping luxury units in hot metros vacant as investment vehicles / cash shelters ...
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... the increased concentration of investment capital in a handful of metros that benefit from economies of agglomeration (hello, Silicon Valley!), the lack of a national economic development policy to better disperse investment clusters ...
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... the lack of a state or federal industrial policy to stabilize construction costs and buffer the labor market from boom/bust cycles, the perverse incentives arising from tax regimes like Prop 13 ...
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... California's (and other states') pre-emption of most meaningful forms of rent control, the dire need (particularly clear since Matthew Desmond started publishing) for stronger tenant protections against eviction.
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/end rant <waits for angry replies>
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Replying to @bedwardstiek
I already can predict the reply: "I never said it would solve the crisis, it's just 99% of the things I talk about, why would you get that impression"
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Replying to @uhshanti @bedwardstiek
to be fair tho, SB50 proponents talk about Prop 13 a lot
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let's take the benefits of agglomeration effects that get disproportionately captured by land owners and distribute it for low-income housing (without obviously destabilizing folks in primary residences, maybe capture at sale)
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Replying to @kimmaicutler @uhshanti
So repeal prop 13 but grandfather home dwellers?
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Replying to @bedwardstiek @uhshanti
Exempt primary residences or defer until capture at sale. You would also need to figure out something for tenant inhabited buildings so ever rising property taxes don’t conflict with (stabilized?) rents... etc
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