"Do you think the best response to the Dutch Tulip Bubble was to grow more tulips?" implies that we have over-supply. We don't.
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The city's population is growing by 100k a year, and we're not building the homes to cope with that.
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Replying to @JonnElledge @BlandUnsight
The point of the tulip analogy is that fueling speculation won't help either. What would help would be homes that can't be speculated upon.
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Replying to @davidjmadden @BlandUnsight
I agree. But you seemed to be implying that more homes would be unhelpful, if not actively counterproductive. That's wrong.
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Replying to @JonnElledge @BlandUnsight
My point is that not all new housing is helpful. Some can indeed be counterproductive. Depends on what kind of tenure, where, for whom, etc
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The whole country is designed around protection of property rights and property value and that unfortunately is not changing any time soon.
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Replying to @kimmaicutler @davidjmadden and
So the SF argument of only BMR housing perversely makes the existing housing stock an even more attractive speculative asset, which prices
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Replying to @kimmaicutler @davidjmadden and
Out an increasingly wide swath of the middle class.
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Replying to @kimmaicutler
But it's possible to limit speculation. There needs to be a debate about what kind of housing/city we want, rather than "build: yes or no?"
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Replying to @davidjmadden
you can't do that in California without wholesale property tax reform, which no one has marshaled political will to do in a generation.
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when people underbuild here, it just sends more speculative capital through the existing tract homes & Victorians.
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Replying to @kimmaicutler @davidjmadden
like the Mission has several hundred BMR units in pipeline, but all other family sized housing is around $2M now.pic.twitter.com/NOxKzHjK1z
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Replying to @kimmaicutler @davidjmadden
when foreign capital parts in Bay Area real estate, it sits in suburban tract homes from the 1950s http://modernluxury.com/silicon-valley/story/how-sell-and-sell-and-sell-silicon-valley …
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