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Yes, this is why San Francisco, Boston and NYC have the cheapest rents in the US.
by cozzyd 2y ago
Yes, this is why San Francisco, Boston and NYC have the cheapest rents in the US.
- vel0city 2y agoSure, there's more demand than there is supply at the moment for sense urban areas. But in the end, most Americans don't choose to live in denser areas even if it's more affordable than NYC and SF. I do agree we should build more density, but there is also still a large amount of convincing people to actually allow it and move there. It's not like these zoning laws just appeared on their own one day. People vote for these things. People show up to city halls and fight densification. People fight against transit, they don't want those people coming in to their nice quiet neighborhoods and the undesirables in their apartments.
- onecommentman 2y agoNo, it is why 60% of Americans live in single family detached homes, not including the additional 10% who live in manufactured homes or single family attached. Not factoring in latent demand, or those who are in high-density living for reasons beyond their control, e.g. assisted living, college dorms, military, that should be excluded from the calculations. San Francisco 2024 growth rate is minus 2.4 percent. NYC 2024 growth rate minus 2.0. Boston minus 1.0 percent. High rent is more likely the result of NYC, SF and Boston renters being on the bleeding edge of rent setting software. Lucky them.
- pc86 2y agoI would think any one of NIMBY incumbents, rent control, and (CA-specific, obv) Prop 13/19 would individually do a lot more to artificially pump up rent prices than rent setting software.
- s1artibartfast 2y agoProp 13 drives down prices the same way mortgage interest drive down sales prices. low tax on homes purchased 30 years ago means higher taxes on new purchases. New home buyers usually care about their monthly payment. high mortgage rates mean they can afford lower sales prices. High tax rates mean they can afford lower sales prices.
- s1artibartfast 2y agoWait until you see the rental prices for large 2000sqft single family homes within driving distance.
- Miiko 2y agoAccording to Zillow, the median rent (for all property types) is $3,300 is San Francisco, but it is $3,400 in the neighboring San Mateo county, so yes, SF is indeed cheaper ;)