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kimmaicutler's profile
Kim-Mai Cutler
Kim-Mai Cutler
Kim-Mai Cutler
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@kimmaicutler

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Kim-Mai CutlerVerified account

@kimmaicutler

Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.

San Francisco
medium.com/initialized-ca…
Joined April 2008

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    1. Kim-Mai Cutler‏Verified account @kimmaicutler 29 Jul 2019
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      Kim-Mai Cutler Retweeted Emily Badger

      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 …

      Kim-Mai Cutler added,

      Emily BadgerVerified account @emilymbadger
      I had so much fun talking to developers (and other people) about why everyone hates them: https://www.nytimes.com/2019/07/29/upshot/developer-dirty-word-housing-shortage.html …
      8 replies 70 retweets 303 likes
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    2. Kim-Mai Cutler‏Verified account @kimmaicutler 29 Jul 2019
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      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/ …

      3 replies 5 retweets 65 likes
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    3. Kim-Mai Cutler‏Verified account @kimmaicutler 29 Jul 2019
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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.

      2 replies 5 retweets 75 likes
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    4. Kim-Mai Cutler‏Verified account @kimmaicutler 29 Jul 2019
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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 …

      1 reply 6 retweets 45 likes
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    5. Kim-Mai Cutler‏Verified account @kimmaicutler 29 Jul 2019
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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_ …

      9 replies 11 retweets 88 likes
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    6. Eric Tucker‏ @SF_Transit_News 29 Jul 2019
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      Replying to @kimmaicutler

      A major potential downside of repealing prop 13 now would be landlords passing the tax increases onto renters of older apartments and single family homes. Could lead to massive rent hikes and displacement. A statewide annual rent increase cap would need to be implemented first

      2 replies 0 retweets 0 likes
    7. Eric Tucker‏ @SF_Transit_News 30 Jul 2019
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      Replying to @SF_Transit_News @kimmaicutler

      @kimmaicutler Have you heard of any talk to mitigate this? If my landlords annual property tax doubles from $12k to $24k, they are going to want to increase my rent by $1000/mo to maintain their profit margin. An example of how once a policy is in place, hard to ever repeal.

      2 replies 0 retweets 0 likes
    8. Biden/Harris‏ @murphstahoe 30 Jul 2019
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      Replying to @SF_Transit_News @kimmaicutler

      The most likely outcome of prop 13 repeal is that a lot of underutilized houses would be put up for sale, dropping housing prices in general.

      1 reply 0 retweets 2 likes
    9. Eric Tucker‏ @SF_Transit_News 30 Jul 2019
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      Replying to @murphstahoe @kimmaicutler

      The discussion has mostly ignored single family home renters, a full repeal of prop 13 without enacting statewide rent control that applies to all single family home rentals would result in exacerbating the crisis of rent hikes and displacement

      3 replies 0 retweets 0 likes
    10. Kim-Mai Cutler‏Verified account @kimmaicutler 30 Jul 2019
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      Replying to @SF_Transit_News @murphstahoe

      1) I’ve been conscious of this reality since starting to discuss P13 years ago and have *never* advocated a straight repeal for this reason. 2) If that was on the table (which it is not), you could run leg in parallel that offers abatements based on RC or mod/lower income tenants

      1 reply 0 retweets 1 like
      Kim-Mai Cutler‏Verified account @kimmaicutler 30 Jul 2019
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      Replying to @kimmaicutler @SF_Transit_News @murphstahoe

      3) Other Blue states that don’t have a P13 system aren’t quite the level of dystopia that we are and they have deferrals and exemptions based on income or whether a property owner is a senior, etc.

      9:11 AM - 30 Jul 2019
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      • Mark Hogan Biden/Harris Eric Tucker
      1 reply 0 retweets 3 likes
        1. New conversation
        2. Biden/Harris‏ @murphstahoe 30 Jul 2019
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          Replying to @kimmaicutler @SF_Transit_News

          Also consider this. Since the state is getting less receipts from property taxes but is still functioning - the deficit is made up on the backs of renters anyway, in the form of regressive sales taxes and broken schools

          1 reply 0 retweets 2 likes
        3. Henry Fung‏ @calwatch 30 Jul 2019
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          Replying to @murphstahoe @kimmaicutler @SF_Transit_News

          California used to have a homeowners and renters credit system. You could increase direct cash transfers to cover increases in property taxes.

          0 replies 0 retweets 0 likes
        4. End of conversation

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