It’s absurd that SF spends so much time arguing over the allocation of the ~2,000 we units we build a year while owners of the existing ~400K housing units generally see their assets appreciate by $130 *billion* a year. https://www.bizjournals.com/sanfrancisco/blog/real-estate/2016/01/san-francisco-home-values-zillow.html …https://twitter.com/emilymbadger/status/1155817124541206528 …
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it's a wealth transfer from newer entrants (be they the younger generation or domestic/intl immigrants) to longstanding property owners. The lack of diversity in who can afford to come to the Bay Area today is also a product of the system that protects who got here earlier.
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Because the existing non-reassessed residential lands of Bay Area cities can't financially sustain public services, cities generally try to cover the financial gap by approving uses of land that produce a net tax revenue bump like office.
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