Building housing is key but if it isn't affordable then only developers get rich and nothing changes.
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Replying to @millerkevinc @ClaraJeffery
It's $714K a unit to build in SF once you factor in land, labor, etc. Excluding 15% margin. You're still operating at needing
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300-400K in subsidy per unit. And no one has figured out how to finance that. SF has done only $410M in affordable housing bond money since
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The mid-1990s and the controller commission, which included non-profit Developers, found that only 14-17% and 17-20% BMR functioned for
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Rental and condo projects in the city. Meanwhile, only 6,000-7,600 existing and new housing units are sold over all in the SF market per yr
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And the California property tax system basically incentivized and enshrines speculative behavior into the real estate market (esp for
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Existing real estate). It's the land owners, who just sit on their property holdings and gain appreciation for no effort on their part
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While paying old tax rates indexed to the original purchase price of their property that profit enormously off this system.
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Every year, the aggregate value of residential real estate (the vast majority of which is existing not new bc we avg <2K new units per year
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While the population increases by 10K ppl per year) goes up by ~$130B
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You do the math. Who is really appropriating wealth in this situation?https://www.bizjournals.com/sanfrancisco/blog/real-estate/2016/01/san-francisco-home-values-zillow.html …
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Replying to @kimmaicutler @ClaraJeffery
Yes, the problem is systemic & more than just developers are appropriating wealth with skyrocketing housing costs. Bay Area housing
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has become an attractive investment for foreign investors who can ride the wave and continue to jack up the rents of residents who live in
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