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New York, the only example I can think of, has plentiful housing and it's still more expensive (yes, all boroughs) than most of the country. Will more housing h
by tabeth 9y ago
New York, the only example I can think of, has plentiful housing and it's still more expensive (yes, all boroughs) than most of the country. Will more housing help? Sure. The question really is whether or not increasing housing supply will or will not increase demand more than the newly available supply.
Why not just move to another area? If there's something uniquely good about the Bay Area perhaps it's that same thing that makes the incumbents not want to let more people in. It's kind of a geopolitical problem.
- mahyarm 9y agoLook at Seattle, it has built a lot more than SF in response to the demand and as a result, the price of housing has not gone up nearly as much. So yes, increasing supply does lower price.
- tabeth 9y agoHuh? Seattle's median home price has doubled from five years ago. [1] [1] http://www.seattletimes.com/business/real-estate/seattle-home-prices-hit-700000-for-first-time-after-doubling-in-five-years/ http://www.seattletimes.com/business/real-estate/seattle-hom...
- pxeboot 9y agoHaven't prices in Seattle been going up at a faster rate then SF during the past 5 years?
- mahyarm 9y agohttp://www.seattletimes.com/business/will-seattle-really-become-the-next-san-francisco/ http://www.seattletimes.com/business/will-seattle-really-bec... https://goo.gl/images/xYPfR8 https://goo.gl/images/xYPfR8
- asabjorn 9y agoI do not think NYC is a great example as it is also supply constrained due to zoning. NYC is rezoning to allow more supply, unlike SF, due to its density friendly culture. As a bay area resident I look around and I see incredibly low density in SF, and most other bay area municipalities are extended suburbs. We do not have to build NYC density to meet supply as building Paris-style 5-6 story buildings on a subset of the properties would largely meet the demand.