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They've tried that. It turns out there's a lot of money to be made by restricting housing growth, as lowered supply drives up property values.
by JMTQp8lwXL 7y ago
They've tried that. It turns out there's a lot of money to be made by restricting housing growth, as lowered supply drives up property values.
- opportune 7y agoMoney to be made by people who are already homeowners rather than the government.
- JMTQp8lwXL 7y agoI'm surprised the tech industry hasn't lobbied more for pro-growth, or wielded enough influence to relax zoning restrictions. The Bay Area is slowly losing its stronghold to cheaper cities as it becomes unviable as a place for technologists to start families, etc. The state of California will lose its tax base as high-paying jobs move to other cities out-of-state. There's a lot of losers with housing policy left as it is. It's eating itself. The thing that makes Bay Area property so valuable (many prominent companies co-located) is going to end without more housing.
- hkarthik 7y agothe problem is the tech industry is run by tech execs with high priced Bay Area property. They have no incentive to be pro growth as long as cities like Austin, Seattle accept their “satellite offices” with open arms.