3 ms·
> I also don't understand why so many people in San Francisco want to own a home. The rampant NIMBYism hurts renters by constraining supply as well as well. Ev
by deathanatos 8y ago
> I also don't understand why so many people in San Francisco want to own a home.
The rampant NIMBYism hurts renters by constraining supply as well as well. Even if you don't want to own, you're still suffering.
(Though honestly I think the rental prices are lagging behind a bit. The home prices have truly become insane; I just watched a 4 bedroom in Burlingame that was bought for $2.3M in Oct 2017 sell for $5.1M; i.e., a 118% return in 15 months.)
- almost_usual 8y agoYou get that return but also face a huge income tax payment unless you invest right into another home hence driving prices up more. Convincing someone to give away hundreds of thousands of dollars in taxes isn't easy.
- nradov 8y agoThe broader market hasn't gone up anywhere near 118% in 15 months so when you see an anomalous sale like that it usually means something else was going on. For example a below market sale to a relative, extensive renovation, or some kind of fraud.