After having dinner with a bunch of UC Berkeley undergrads last night who all told me they were paying $1K to share bedrooms near campus (AKA $2K per room), I am not surprised by this.https://twitter.com/mmcphate/status/1152082083218522112 …
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Yeah adding earthquake retrofit to that could significantly increase the capital cost. But raising to 2 people/room would obviously lower cost per person.
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Basic question: is the co-op system expanding? Does it accumulate capital for new houses?
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The co-op hasn't purchased a new building since 2000 (the earthquake retrofit program began shortly after) and hasn't built anything since the 1980s (which was the last time public funds were available for affordable student housing)
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The average co-op bldg is a three story, 100 yr old bldg with multiple additions, so the earthquake retrofit costs are substantial, roughly from $15,000-50,000 per bed. Usually involves new foundation + rebuilding basement & 1st floor. There's other deferred maintenance as well.
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