#46
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[QUOTE=GonaSovereign;2540256]I work in the 905. Making rural roads less safe
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#47
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The wealth concentration here has thrown everything else completely out of whack. |
#48
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The fact that this conversation has gotten to four pages and no one has brought up Proposition 13 yet is crazy/interesting/crazy-interesting.
Just to dip my toe in the very deep waters: Prop 13 incentivizes housing speculation and buying in at ANY price, because it's only going to cost more tomorrow and in the unlikely event that home prices go down you can get a reappraisal anyway. Prop 13 disincentivizes local governments from zoning for new housing, of any kind, because over even the mid-term housing is a tax base loser for governments. Add localized inflation from tech money to the above and you get the Bay Area housing market. |
#49
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[QUOTE=pdonk;2540272]Semi-serious question: was riding down Heritage Rd in the 905 last weekend, looking at the farms morphing into tract housing. Between my tears I wondered if there is a way to incentivize developers to fund wide paved shoulders as an offset to all the new stoplights and distracted parents. The current admin is unlikely to budge on that one, but it seems like a potential win...
(Thread back on track: I live in Toronto and work in the Bay Area.) |
#50
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#51
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Even worse is that Prop 13 applies to commercial real estate as well. As a result, commercial real estate NEVER gets sold, which means the tax basis is never leveled up. You have a holding company that owns the property, and you sell the company instead of the property.
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#52
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>>evelopers to fund wide paved shoulders as an offset to all the new stoplights and distracted parents.
Don't worry, they will just make bigger/wider SUV's to offset the wider road |
#53
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I tend to agree that if the rent in an area outstrips one's ability to earn, then yeah, you have to move.
A lot of us lived like this as young people. But a lot of us thought, go to school, find work, problem solved. We did not think we'd lose, in a single generation, the entire manufacturing and small farm base. There's no longer a single pharmaceutical manufacturer in New Jersey. The rent is too high, for many, because pricing is pegged to wealth rather than wages. There's no such thing as a housing crisis. There are houses. There are people. There are banks. But all the union-wage jobs that rebuilt the world after WWII are now slave wage jobs farmed out to low-rent dictators and acolyte kleptocracies. |
#54
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There has been talk of Bay Area appreciation/bubble since I lived there in late 90’s/early 2000’s.
There was recent research showing wage growth in major cities from 2000-2017 and 2010-2017. It also looked at housing costs. When income growth is taken into consideration, the gap for Bay Area is much lower than many cities. Miami had the worst but the data is skewed by low incomes of rich retirees. The younger non super rich share places among several tenants or just don’t put much in savings. Many are cool with this until they want to have a family. It became very clear to me that my income upside was not that high so we decided to move in 2001. It is a great place if you can afford the freight. |
#55
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Someone already mentioned the lack of really well-paying jobs in Vancouver, and in terms of affordability index (wages to house prices) it is one of the three worst in the world). Here's a US comparison of affordability: https://www.citylab.com/equity/2018/...-whack/561404/ Here's the international comparison--2017--I know I have seen a different study--but it puts Hong Kong first, Vancouver 3rd and San Francisco 9th: https://www.scmp.com/business/articl...-straight-year Here's Bloomberg from 2018--their index places San Francisco second after Hong Kong--and Vancouver is only at 16th: https://www.bloomberg.com/ Last edited by paredown; 05-14-2019 at 06:13 AM. |
#56
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[QUOTE=GonaSovereign;2540280]
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#57
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Vancouver housing costs
A couple of posts commented on Vancouver house pricing being high and that is certainly true. This applies to condominiums and the like as well.
One aspect that has not been mentioned is the recent 'revelation' that Chinese interests has washed approximately $5 billion of illicit money in Vancouver real estate and in the local casinos. This sounds like a movie script. The federal and provincial governments are quite embarrassed that the money laundering has gone on for so long and nobody flagged it for investigation. It is only now that our elected officials are being forced to investigate the matter. The city is beautiful and many Asians call it home. The 'average' people either rent expensive apartments (sharing them with others quite often) or live in the suburbs where prices are not quite as high as in the city. Long commutes are the norm. I could not imagine commuting to and from the city. Chaos. |
#58
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Trying to find a solution for someone earning $40K is like pushing on a string. That person may be better served, and actually prefer, by giving them a bit of a kick start in a new area.
__________________
And we have just one world, But we live in different ones |
#59
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yea, but when you think of any wealthy area, there are a ton of support functions that go along with that. there are bike mechanics, baristas, restaurant staff, car mechanics, and a host of other people who do not have the earning power of facebook tycoons, but still make a decent paycheck in the area, and they should be able to live in a reasonable proximity to their work, no?
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http://less-than-epic.blogspot.com/ |
#60
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I know of two couples (both of whom are at least of moderate means) that are in failed relationships. They have both divorced (one couple was never married). And yet, they continue to live in the same house and live separate lives. Because that is by far the most affordable option. That is simply crazy. The tech industry has certainly changed San Francisco, and many people would say not for the better. Economic, cultural, and racial diversity are important to the lifeblood of a city. |
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