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This overlooks the impact of high demand caused by: - tech growth that’s largely unchecked; commercial office space keeps getting approved - influx of foreign buyers (lots of cash buys)
Econ 101: high demand does not increase price if supply can adjust to match. You just get an increase in quantity instead of price. It's only when supply can't increase easily ("inelastic") that demand translates into higher price instead of higher quantity.
The other gap is affordable housing. If you keep building market rate wealth gaps grow even further. Each city needs a nexus study to identify the min %affordable units, which must be enforced
Tech, foriegn investment and induced demand mean any plan to build our way out with market rate housing is at best naive...
We have an infrastructure gap - where there’s been more housing supply than roads, transit or water can keep up with. Imposing even more rapid growth impacts quality of life.
“imposing”
Yep sb827 would have been a major imposition for sure
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