property taxation systems and zoning laws to make real estate a much more reliably higher returning asset class after the 1970s. And so it's the combination of the two... property as more of a speculative asset and lack of financial support for low-income housing together.
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Replying to @kimmaicutler @pt
these 95/6,000 odds are also a reflection of software technology too. There's now a single uniform online application for multiple properties at a single portal, which makes the odds look different than they would've been reported before.
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Replying to @pt
meaning... we shouldn't fund low-income housing, or what? It's a structural problem that has gotten more misaligned over the last 30 years. It was originally misdiagnosed in the 1970s and 1980s. It's a more fundamental issue with the way we treat housing health.
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Replying to @pt
how is it a bubble of affordability? we created a bubble of un-affordability using lots schemes that are hidden or subterranean in the US/CA tax code and then are trying to compensate for the consequences of those choices with very small, insufficient direct transfer programs.
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Replying to @pt @kimmaicutler
Honest Q: I still can't tell. Are you advocating against affordable housing programs, or saying it's tragic when they're under-funded?
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a tax on builders just gets passed to the end buyers, just FYI. Or if it's transparent and clear and established for enough years, it may get priced into underlying land acquisition prices.
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but generally if you raise inclusionary and it's infeasible to raise capital financing for it, the developer will just wait the extra year or several it takes for rents to reach a sufficiently high enough level that that project will pencil again.
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