Finally some good news!
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Almost 2X what SF built in 2016...
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Helpful yes, but I wouldn't celebrate this. This was needed 7-10 years ago when the permits were first put in. Now? Home prices have escalated 2X-3X, and the sudden supply could easily crash prices (supply and demand 101), screwing anyone who bought in the past 1-4 years.
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I mean, let's hope so things need to correct. If you paid 2M for a shack what did you expect might happen.
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I don't think an influx of studio apartments will have much impact on SFH prices, especially since an influx of office is still in the works. But if it does, so be it
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I live here and am priced out of owning a home as are many people I know so there is nothing "flippant" about this. Meanwhile you could rent too.
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Yeah it's a reason I don't have kids - it's not affordable here either.
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Add private school for $30K / kid / year. (After taxes - not deductible.) 3 kids + property taxes of $30K = $120/year ON TOP of all all other living expenses. Hence why so many families are leaving, too.
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At least we're finally building. It's something!
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But the long timers do have impact: they can't downsize without jacking their property tax bill from $3K/year to $30K/year. Most stay put too long (hurting supply) or move away (from local family.)
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