California's probably past the point where it can pull solely market-based levers to get out of this economic & political impasse.
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Replying to @ernietedeschi @conorsen
What is your alternative, Ernie, price controls on what they can sell new units for? (Have to imagine “affordable housing” also triggers nimby objections)
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Replying to @NickRiccardi @conorsen
Price controls on market-based housing don't work well because they water down the incentives for private developers to build in the first place. I might start w/ this
@PplPolicyProj idea, maybe do a hybrid tit-for-tat deal of social for market housing.https://peoplespolicyproject.org/2018/04/05/a-plan-to-solve-the-housing-crisis-through-social-housing/ …2 replies 0 retweets 8 likes -
Replying to @ernietedeschi @NickRiccardi and
I'm not in love with the idea of social housing for its own sake but if a dose of it can break the political economic stalemate then it's well worth any risks IMHO
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Replying to @ernietedeschi @NickRiccardi and
I enjoy your optimism that our state’s highly volatile tax revenue system with something like $11-16B in rainy day funds to cover the $40-100B in deficits during a moderate to strong recession and $400B-ish in unfunded pension liabilities will increase the $1B-ish or so it spends
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Replying to @kimmaicutler @ernietedeschi and
On low-income housing will be able to increase that sufficiently to produce more than token numbers of deed restricted social housing units!
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Replying to @kimmaicutler @NickRiccardi and
Since California doesn't control its own currency, it should offset any social housing spending with lower spending elsewhere or higher revenues. The snarky take is that it being California, a tax hike will undoubtedly be more popular than easing market housing restrictions.
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Replying to @MattBruenig @ernietedeschi and
100% self funding? Below market rate housing in CA still generally needs some kind of public taxpayer subsidy even if its usually less than 50% of the cost per unit. Ask
@sammymoss425 or@DonaldFalk0 replies 0 retweets 5 likes -
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What if those “total rent hauls” are actually really high and are not really anywhere near median because it still costs like 700-800K+ per unit to just build here?
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