How about, um, not building enough housing for the last 40 years and undertaxing land?https://twitter.com/48hills/status/747631172469985280 …
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Also, note that passing Prop M hardly solved the problem, devs just built hotels instead
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If housing demand isn't downtown and Calvin Welch won't let you build where there is demand, you don't get housing
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Do office buildings require less improvement value outlay /ft^2 after adjusting for land value?
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another explanation may be that rates of appreciation on residentially zoned land is higher than commercial sites.
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