“A new apartment in the Bay Area costs about $700K to build.... The price tag on 20,000 units could be more than $14B. That would be a major chunk of Google’s cash on hand. Parent company Alphabet had $136.8B in revenue last year and reported $109.1B in reserves.”https://twitter.com/rolandlisf/status/1145725171229024256 …
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Replying to @kimmaicutler
In what universe is $14B a major chunk of $110B and rising ? How does any serious person accept a figure like $700K per unit ?
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Replying to @maxrogo
You can read all the bond reports from the $310M Prop A bond in 2014. Every unit is around $700K. Some more, some less depending density of the project, whether the land had to be bought or publicly owned, etc. https://sfmohcd.org/2015-affordable-housing-general-obligation-bond …
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Replying to @kimmaicutler
So I defer to your clear expertise here. My point is the very acceptance of that figure creates a massive problem that makes the situation insoluble.
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Replying to @kimmaicutler
Almost implausibly so for low income stuff it seems to me. Seize crappy land via eminent domain, put up decent small units using modern low-cost modular methods, get folks a roof and a chance. This is hard but people live on the streets. Not enough seem to care
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Replying to @maxrogo
What crappy land? Eminent domain is not used liberally here or in the US generally bc were a strong property rights country/culture. Construction is actually just really expensive here bc of labor shortage/seismic standards, etc. We have the highest costs in the US.
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It actually is that expensive.
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Replying to @kimmaicutler
What about a tax incentive, up to $250K earned over time, for creating an “in law” unit within existing stock. And you keep the rent ?
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