Absent a profound cultural change in how Americans/Californians view housing/homeownership as an investment and consequently store
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Wealth and maintain economic security though homeownership and protect that Via zoning/Prop 13/MID, the best we can do is tread water by
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At least building enough to match population and job growth and finding what little we can at state & local to subsidize BMR. The issue w
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The current progressive alliance is that it deflects attention and responsibility away from property owners who derive the lion's lion's
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Of appreciation and wealth through real estate and points it at Developers, who while admittedly earning a profit, hardly build enough To
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Match even half of needs implies by population increase. When the time comes (and it will come if it gets a lot worse) there might be an
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Political window to rebroker all of these relationships but I don't see a break in the short term.
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You've got a rapidly aging population (with 25% to be over 65 in CA in about 20 years). Probably half don't have any retirement savings at
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All. Most don't have pensions bc we got rid of that, so all of their wealth is wrapped up in housing values, through which you can refi or
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Reverse mortgage. They can also pass down the property w the same Prop 13 tax rates to kids, which results in at least $1.5B in foregone
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Tax revenue per year to the state of CA. This constituency has no incentive to change or even understand that the homelessness is a
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Consequence of a structural issue, which at a local, state and national level, protects and enables housing costs to rise at a pace of
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Probably 3X+ median wage gains/yr. Which compounds and leaves out a larger and larger share of the workforce and population every year.
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