California is the most poverty-stricken state, if you account for housing. Yet NIMBY dems again stalled zoning reforms to build more housing. What the GOP does with walls and ICE, wealthy liberals are doing with zoning: excluding people My column:https://www.nytimes.com/2019/05/22/opinion/california-housing-nimby.html …
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Candidates winning district elections looooove telling voters they don’t have to pay more taxes, everything in their neighborhood will stay the same, their home values will rise 6-15% YOY & someone else will cover the $300K/unit local taxpayer subsidy to cover 1 affordable home
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Meanwhile...Property values in LA County increased $100 Billion yoy last year.https://twitter.com/carterrubin/status/1097666566567555072?s=21 …
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A while ago, we did back of the napkin numbers, based on legit studies, on what it'd actually cost to build enough public housing to meet California's demand shortfall, and it's somewhere in the region of 700 billion, which at the time was about 1% of the global money supply.
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(M3 money supply). Or for a more visceral sense of scale, all real estate in NYC has been ballpark estimated at being worth about a trillion. So CA needs to buy 0.7 New Yorks. It's not happening with taxpayer money.
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