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While I don't disagree, there have to be multiple forces at play here. Take a town like Boise. They have very lenient zoning / building req's. If it was just z
by chasebank 5y ago
While I don't disagree, there have to be multiple forces at play here. Take a town like Boise. They have very lenient zoning / building req's. If it was just zoning, their property market wouldn't be so out of whack. In addition to zoning, speculative investing, low interest rates, housing authorities, rent control, the list goes on and on.
IMO, CA prop 13 is just as guilty as restrictive zoning.
We'll never get to see the other side of the experiment, the people of CA would never vote to remove it. Prop 13 interrupts the natural cycle of housing.
- whimsicalism 5y agoeh - I think short term housing fluctuations are different from long term underbuilding. My understanding was Boise was due to demand shocks that supply hadn't had a chance to respond to.
- IG_Semmelweiss 5y agoI don't disagree that there are other factors at play. The last part about Prop 13 seems like a bit of a cheap shot. CA is anything but a natural market. CA government set that poison pill to ensure it must listen to its constituents and remain as "natural" as possible. Now we find they can't enact meaningful reform around zoning, building requirements, parking, or making the city more welcoming to trades, etc. Why should old taxpayers carry the water for ineffectual govt ? CA: "We refuse to make the changes needed to let more people in at a reasonable cost. We will instead take more money from one group, so that they leave and we can fleecce someone else ! "