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/ …
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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
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Replying to @MattBruenig @ernietedeschi and
You have described... the current situation. Which is that you still need public taxpayer subsidy of something like $300K per unit in SF and the rest is generated through federal programs, state tax credits and rental cash flow.
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Talk to people who actually finance affordable housing here. They do use existing rents to cover operations and service debt. But the sheer land and labor costs are so high that you still need an enormous public subsidy per unit.
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Replying to @MattBruenig @kimmaicutler and
Lol not free land that isn't next to opposing neighbors and/or part of an historic monument
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End of conversation
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