Read “Progress and Poverty” by Henry George. It has a lot to say about property values in San Francisco.
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Henry George wrote it based on his experiences living in San Francisco
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Yes, the land banking that has gone on under Prop 13. So much of downtown SJ was parking lots until the rents got high enough to get Barry Swenson to build on them.
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And then also look at the cost of building and get a bit depressed.
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False. The high prices are almost entirely from expensive finishes.
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"Where should I install this $500k granite counter top?"
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@RichardBlyth7 also, ask housing commentators what portion of dev cost is land (many don't know or assume it is majority/largest cost), or how often dev costs (which have skyrocketed) vs land costs kill/shelve projects in Bay Areahttps://twitter.com/kimmaicutler/status/935007476247756803 … -
also ask, what portion of US affordable housing, as in low cost or lived in by lower-income people, has ever been purpose-built social or income-restricted housing? very littlehttps://twitter.com/kimmaicutler/status/935007476247756803 …
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When you ration approvals, land is no longer a commodity.
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So put in some section 8 housing and watch property values fall.
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