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I always see articles like this and I wonder...who is winning here? I'm waiting for an article to break out the stats on who owns which property in these types
by roymurdock 11y ago
I always see articles like this and I wonder...who is winning here?
I'm waiting for an article to break out the stats on who owns which property in these types of areas. What % of housing is owned by the government, foreign investors, domestic investors, institutional investors, real-estate holding companies, and the actual inhabitants of the property?
For all we know, the whole story could just be that tech companies are hiring some kids from ivy leagues and well-off families that are just paying rent back to their parents, who somehow or other own shares of the SF property market. Or that a lot of rent money is flowing to foreign investors, as is the case in NY and London.
So while it's interesting to see who is losing and by how much, what I'd really like to know is - who are the winners? Where is the money flowing?
- balls187 11y agoCommercial realestate owners, and the companies that serve them.
- sawthat 11y agoLong story short: people that own single family homes in SF are winning the most because of the massive gains in value and we don't have to pay increased property taxes because of proposition 13. Basically anyone who currently owns property in SF is a "winner" and that includes the many small time property owners that own the 2-6 unit buildings that dominate the city. The rent money is flowing to those people. Who probably are mostly local.
- ryandrake 11y agoLocal and elderly. Prop 13 is basically wealth transfer from the young/newcomers to the old-timers.
- philsnow 11y agothe new new california gold rush already happened; it ended when all the bay area real estate was bought up
- aianus 11y ago> proposition 13 Wow, had to look this up. That is one insane law.