The Uber-SoftBank deal and the Dropbox IPO may cancel out any downward pressure on prices from changes to the mortgage interest deduction, which means that...https://www.nationalmortgagenews.com/articles/what-tax-hit-san-francisco-housing-heating-up-as-tech-ipos-loom …
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The key is to allow people in wealthy parts of the city to subdivide their lots to absorb this capital. Instead of spending it on rentier behavior, or forcing development only in poorer parts of the city, should instead build more where it doesn't impact tenants.
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Do consider, however, that some single-family districts are not rich, and homeownership is not the same as wealth or ability to redevelop. Sometimes members of an extended family live in the house and have been mining its equity for living expenses for, say, the last 15 years.
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If all homes were $1, there still wouldn't be any more without significant changes to CA processes
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