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Bay Area housing prices up 20% since January, according to new report
- sp527 5y agoAt this point, you’re just betting that structural reform to NIMBYism won’t happen. If zoning rules change, the market is toast. And political pressure to reform zoning is only going to keep building.
- Schiendelman 5y agoI would personally like us to overturn zoning entirely. However, no one has meaningfully unrestricted development once it’s been restricted - anywhere. If you really did allow growth, you’d fuck up so many people’s long term financial plans that they’d riot. Homeowners hold pretty much all the cards, so they only allow upzoning in drips and drabs to keep it from outstripping demand.
- jmole 5y agoChanges to zoning won’t affect buyer preferences though. If your prototypical homebuyers are a family with kids, why are they suddenly going to want a 2/3 bedroom apartment instead of a 1800sqft house with a yard?
- paulpauper 5y agoThis is why it's hard to take the media or experts seriously. They have been predicting a housing crash since 2013, experts like Robert Shiller. The market may crash, but every year that passes in which the market rises, means having to buy at a high price if you delayed because of concerns of a housing market crash.
- it200219 5y agoexpect even go higher. People have locked interest rate and can re-fi 1-2 years with lower interest rate. There is no supply and huge demand. I might be wrong but thats what realtors are saying
- mateo411 5y ago> People have locked interest rate and can re-fi 1-2 years with lower interest rate. Hmmm, that doesn't make sense. We don't know if rates will be lower in 1-2 two years, than they were in 2020-2021. People who financed mortgages during that time probably won't be interested in refinancing, since the rate will likely be higher.