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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the area. http://www.sfchronicle.com/business/networth/article/More-U-S-homes-bought-by-foreign-residents-8344394.php … There is much work to be done & this won't be solved anytime in the near future. Meantime those who don't
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have any savings or have the financial security to remain will continue to be displaced or will be forced to relocate our community.
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Replying to @millerkevinc @ClaraJeffery
Yes but many ppl blame Developers as the primary source of the problem when they *cant* functionally subsidize all the add housing that ppl
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Want. If we're building <50% of the units that we need to just maintain pop. Growth and can only generate 400 units BMR/yr out of
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If people want something else they probably need to reform property tax and make existing *and* new real estate a less attractive place to
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Store capital, which is a major cultural shift in US psyche that I don't think the majority of currently alive voters is willing to consider
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People would rather blame Developers rather than examining their own complicity in having a house that's worth 10X as much as when they
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