An alternative interpretation is that these residents are not being irrational, just myopic: they got stuck in an equilibrium where the marginal housing unit anywhere in the Bay Area would be very high end and they don’t like that. https://twitter.com/byrosenberg/status/983042951868641280 …
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Matt that’s not true for California. If we wanted to build 1/10 of your proposal (we’re 1/10 of the country) we’d have to issue a bond for ~$300 billion, which would be subject to voter approval, and it’d violate the current state constitution requiring a balanced budget anyway
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Local governments would never be able to finance this type of project on their own, by putting it on a horrible credit card (we all know muni bonds are a garbage way to finance stuff) or otherwise.
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