Why does this matter? Nearly all new development in SF is condos, and they’re the only properties remotely within reach of even well-off millennials. So, *even among homeowners*, all the wealth is going to the boomers.
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To make matters worse, in SF, one of the main effects of the anti-development left is to widen this wealth divide by fueling a false narrative that “luxury condos” are the problem. New development in SF is actually not a great investment. The money is in the old housing stock.
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