You can't have residential real estate appreciating at roughly 7% a year while having stagnating median wages, without a lot of people falling out of the bottom! https://www.frbsf.org/economic-research/files/wp2017-25.pdf …
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Replying to @kimmaicutler @itsa_talia and
but Americans don't really want to address this contradiction. They want to do half-assed things. In SF, people created inclusionary housing policy to make new market-rate construction fund below-market rate housing (which is certainly better than exclusionary zoning)
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Replying to @kimmaicutler @itsa_talia and
this is where you see things like "blah blah fought for 40% affordable housing." But the costs just get passed onto buyers of new market-rate housing, making it even more luxury, and it also doesn't really scale or produce that much housing. http://cityobservatory.org/inclusionary-zoning-has-a-scale-problem/ …
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Replying to @kimmaicutler @itsa_talia and
Kim-Mai Cutler Retweeted Kyle Huey
if you also set the %s too high, it can shut down production of all kinds of housing as developers wait for nearby rents to get high enough to then justify & cross-subsidize the below-market-rate housing.https://twitter.com/khuey_/status/962109517696663552 …
Kim-Mai Cutler added,
Kyle Huey @khuey_This is exactly how a 20% inclusionary zoning mandate is intended to work. It crushes supply growth, raises prices of existing (voter-owned) property, doesn't cost taxpayers anything, and lets people sleep at night pretending that they did something good. https://twitter.com/maccoinnich/status/962091760640933889 …1 reply 0 retweets 0 likes -
Replying to @kimmaicutler @itsa_talia and
some DSA folk like
@uhshanti think we need mass public housing. I think there are lots of interesting, successful social housing programs globally. Like Vienna! http://www.governing.com/gov-affordable-luxurious-housing-in-vienna.html …1 reply 0 retweets 0 likes -
Replying to @kimmaicutler @itsa_talia and
I just have a hard time seeing how the US gets there in the near-term, given the current administration and how we're going to have even *less* affordable housing funding than we did before.https://www.nytimes.com/2018/01/18/business/economy/tax-housing.html …
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Replying to @kimmaicutler @itsa_talia and
@LAO_CA also calculated that it would cost $250 billion to build affordable housing for all 1.7 million low-income, rent-burdened tenants in the state: http://www.lao.ca.gov/Publications/Report/3345 …1 reply 0 retweets 0 likes -
Replying to @kimmaicutler @itsa_talia and
(keep in mind that the state of CA has $400 billion in unfunded pension & retirement healthcare liabilities that it hasn't figured how to pay for) https://calmatters.org/articles/california-retirement-pension-debt-explainer/#How-big-is-the-problem …
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Replying to @kimmaicutler @itsa_talia and
and that CA's taxation system is highly volatile in part because it is so dependent on high-income earners whose incomes are tied to the performance of the stock market. The last recession wiped out $115 billion in revenue. (We have $16B in reserves.) http://lao.ca.gov/Publications/Report/3769 …
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Replying to @kimmaicutler @itsa_talia and
general debates are: how much should we build? where should we build? what kind of housing should we build? where should we get money to finance low-income housing as the federal govt continues to recede? how should we reform Costa Hawkins/rent control?
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is it possible to reform Proposition 13? If so, how?
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