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Because it is not just a Bay Are problem, they are merely the furthest ahead. It is a U.S. problem where an ever larger percentage of income goes to literal ren
by TomMckenny 8y ago
Because it is not just a Bay Are problem, they are merely the furthest ahead. It is a U.S. problem where an ever larger percentage of income goes to literal rent. To the detriment of the rest of the economy.
You will note rents also increase by similar percentages in communities with essentially no limit on development. And they also increase in places with shrinking populations.
In fact, in every city with reasonable employment possibilities, housing costs significantly outpace wage increases.
Large rental organizations are able to coordinate on an unprecedented level and no longer feel any threat from legislative intervention. Threats that held them in check through the last half of the 20th century. So rents will rise to their historical levels requiring multi families per unit.
By all means repeal prop 13 and move zoning decisions to the state level, it might slow the rise for a few quarters. But whether ideologically unacceptable or not, nothing is going to work except large scale intervention and aggressive price setting.