That extra $130B in appreciation/year doesn’t reflect that that existing housing is becoming more productive or efficient at housing people. It’s just the same thing, but more expensive. Aggregate value of residential real estate in SF is now $1.6 trillionhttps://www.zillow.com/research/california-leads-housing-gains-22600/ …
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Every time existing housing gets more expensive, it means new renters have to pay more per month on leases or new buyers have to pay more per month on mortgages and the city has to spend more per month on rapid re-housing subsidies or land to build affordable housing.
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Against this backdrop of existing residential property owners seeing their assets appreciate by $100-130 billion a year, SF runs one $600 million affordable housing bond every five years to offset the impact for non-owning lower-income households? https://www.sfchronicle.com/bayarea/amp/SF-voters-to-decide-600-million-affordable-14084026.php …
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Anyway... Proooooop. 13 means the tax assessments on existing housing do not keep up with the costs of servicing residents with schools, fire and police so cities resort to a kludgy, ad-hoc process of extracting revenue from new housing and development. https://lao.ca.gov/Publications/Report/3497#Did_Proposition.A013_Increase_Fees_on_Developers.3F_ …
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I think the 130B number is not as eye-popping when you consider the Bay Area is the world’s 19th largest economy if it were a nation—CA as a whole being 5th largest economy in the world.
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Well it’s more that the city basically discusses joke solutions that only offset maybe 1/1000th or 1/10000th the size of the problem with some kind of deep moral rectitude.
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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In the same way opponents of housing deem as "luxury" anything proposed to be built while these new units will rent or sell for much less than existing housing.
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That can’t entirely be true though, right? What is the median rent in SF for existing housing, including rent control? Is the median cost of new housing even close?
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