not sure that is a great path either. Seattle's insurance standards, for example, induce the housing market to build more rentals than condos. And that means while there are lots of apts, there are very few opportunities for entry-level folks to buy & stay more permanently.
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The problem is neither the federal government nor the state government have funding to adequately fund low-income housing because people are unwilling to tax themselves to fund it. So local politicians have taken to pushing inclusionary housing which
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requires that a % of new market-rate housing funds low-income housing. So the low-income housing is partially dependent on new market-rate housing being built. Get it?
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Uh... Density ≠ affordability. The real estate developers who are paying Skinner and Wiener to do this to us aren't doing it because they want to build _low income_ condos. They want another Hong Kong. High rises full of $4m condos with $500k parking spaces.
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Actually, Hong Kong is 50% public or affordable government subsidized housing.http://www.scmp.com/comment/insight-opinion/article/2118732/how-hong-kongs-public-housing-policy-failing-those-most-need …
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No it was not. CA adds >300K people per year net, after considering births, deaths, in-migration & out-migration. It has averaged roughly 80K units/yr over the last decade or so. If affluent parts of the Bay don't do their part, everyone else gets screwed http://www.ebudget.ca.gov/2017-18/pdf/BudgetSummary/HousingandLocalGovernment.pdf …
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Some people have been waiting at least a century or so for that. Hasn't happened. We live in a mixed economy. I don't see us living in a mixed economy changing any time soon.
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Yep. There are way more people in China who can afford to let a shiny new condo in California sit empty than there are Californians who can afford to live in one. http://www.bbc.com/news/business-37640156 …
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That is a red herring. Condos do not hold value as well as single-family homes do. If you were really optimizing for store of value and protection of your investment, you would just buy an existing, old single-family home -- like this: https://www.modernluxury.com/silicon-valley/story/how-sell-and-sell-and-sell-silicon-valley …
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