How did Vienna manage to have sufficient supply?
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Replying to @carrickdb @pcwalton and
Most housing stock are from cooperatives and council housing originally the latter was funded by a special tax. They destroyed the market by capping rents and bought up plots of land that dropped in value with the newly introduced tax.
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Replying to @mitsuhiko @carrickdb and
later (today) it's a more complex topic. I for instance bought a flat but the first three floors of my condo are from a cooperative with subsidies. There is a max household income associated with renting there, but you also have a purchase option if you stay for 10 years.
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Replying to @mitsuhiko @pcwalton and
I’m really shocked that the developers and homeowners allowed this to happen.
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Replying to @carrickdb @pcwalton and
I think for homeowners it's great. One of the effects is that since many houses have a public aspect to it, you also get to benefit from it in other ways. As an example all new build multi unit houses with subsidies in the area have public playgrounds you can use as well.
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Replying to @mitsuhiko @carrickdb and
one interesting aspect i think is that we have strong limitations here on the maximum size of a building. They all top out at 9 floors. Only in specific high rise areas you can build higher. Strongly supports reducing house prices. Flats in highrises are impossible to sell cheap.
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Replying to @mitsuhiko @carrickdb and
That’s not how it works here in California. Low-rise single family homes are way more expensive than any condo.
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Replying to @pcwalton @carrickdb and
both high rises > 9 floors and single homes are the worst pricing wise. High rises suffer from a lot of extra associated cost for both fire safety (real estate lost to staircases, elevator core) and extra infrastructure concerns.
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Replying to @mitsuhiko @carrickdb and
Santa Monica, for example. First screenshot is houses. Second is condos.pic.twitter.com/18jMx5AbQi
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Replying to @pcwalton @mitsuhiko and
That’s not even the worst of it. If I showed you Beverly Hills or Palo Alto instead you’d probably think I was deliberately picking cases to make single family homes look bad. :)
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Westside L.A. is actually an interesting case study because during the 1970s/1980s downzoning, Palms (where I lived for a while) was exempted and remains zoned for multifamily. Now it’s one of the more affordable and most diverse districts on the westside.
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