3 ms·
Population was decreasing prior to mass layoffs. Now we're just forcing inorganic increased supply; dropping property values.
by shaburn 4y ago
Population was decreasing prior to mass layoffs. Now we're just forcing inorganic increased supply; dropping property values.
- Sakos 4y agoImagine thinking that decreasing property values is a bad thing.
- duped 4y agoOne cannot argue there is a supply problem in California housing.
- shaburn 4y agoWhy?
- dragonwriter 4y ago> Population was decreasing prior to mass layoffs. Only since the pandemic cut immigration, and only slowly (though there was more intrastate redistribution.) But even so, that (and the net outmigration to other states that had been going on for decades even while international migration offset it) waa largely due to affordability concerns resulting fron inadequate housing supply. > Now we're just forcing inorganic increased supply; dropping property values. Since the mandates mostly favor multifamily homes, including by redevelopment, and undermine zoning restrictions, this probably raises value of existing properties (allowing more units on existing land increases land market value, reducing the proportion and absolute number of properties above a given size increases the improvement values of those larger properties.) It decreases the average price of a “housing unit”, but that people own concrete properties, not generic housing units that morph over time to whatever the current average unit is.