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.
-
-
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.
1 reply 0 retweets 9 likes -
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
3 replies 0 retweets 1 like -
The whole country is designed around protection of property rights and property value and that unfortunately is not changing any time soon.
1 reply 0 retweets 6 likes -
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
1 reply 0 retweets 11 likes -
Replying to @kimmaicutler @davidjmadden and
Out an increasingly wide swath of the middle class.
1 reply 0 retweets 6 likes -
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?"
1 reply 0 retweets 0 likes -
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.
2 replies 0 retweets 3 likes -
Replying to @kimmaicutler
Seems there's a good deal of California Exceptionalism I need to learn more about... But I'd say fostering that political will is crucial
1 reply 0 retweets 0 likes -
Replying to @davidjmadden
California real estate is a crazy asset class. Largest volume of federal MID subsidies, property tax caps, most restrictive zoning in US.
1 reply 0 retweets 3 likes
taxes capped/indexed to original purchase price. Unearned land increment almost wholly absorbed by incumbent owners http://www.lao.ca.gov/Publications/Report/3497 …
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.