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Home Values Are Rising by $800 a Day in San Jose
231–240 of 247 posts
Re: Home Values Are Rising by $800 a Day in San Jose
#232Earlier quoted context omitted.
The real q is, why does government even subsidizing home ownership in the first place?
US business taxes are based income / profits. In order to do that, it's required to allow profit-seeking entities to deduct business expenses (such as raw materials, wages, etc.). Logically, interest and property taxes are business expenses for landlords, just as steel and electricity are business expenses for Ford. Then, there's a question of whether you want to have a level purchasing environment for prospective ow…
500k capital gains tax free income doesnt fit that. Why does a stock not have this exclusion, but a home ownership does?
I get government incentives overall. I am just pointing to some reasons bubbles form.
Re: Home Values Are Rising by $800 a Day in San Jose
#233Earlier quoted context omitted.
The real q is, why does government even subsidizing home ownership in the first place?
>The real q is, why does government even subsidizing home ownership in the first place? Firstly, older people own homes and they vote. Secondly, homes are a significant part of people's retirement assets. As companies do away with pensions and as the Social Security age gets increased, home values gain in importance. So the government has an incentive to keep home prices high. This hurts the younger generation lookin…
It also causes nimby. You own a house you vote in your best interest and oppose new housing.
Prop 13 is one big reasons, too.
Re: Home Values Are Rising by $800 a Day in San Jose
#234Sounds about right. Similar around the Bay in general tbh. My wife and I bought a place in Oakland in December and it's already up 20% . That's insane .
Something did happen in january.
Well... yes, the market starts picking up in late January every year. December is the lowest month so we bought at s good time too.
But only in the Bay would a 20% jump happen and be normal
Re: Home Values Are Rising by $800 a Day in San Jose
#235Re: Home Values Are Rising by $800 a Day in San Jose
#236Re: Home Values Are Rising by $800 a Day in San Jose
#237Earlier quoted context omitted.
> Got anything against? I live in San Francisco. No one I know has any belief about any units being unoccupied. All the Chinese people I meet here are working. It is unlike the anecdotes I hear from friends living in Vancouver.
> All the Chinese people I meet here are working. To be fair, you wouldn't see Chinese individuals "unoccupying" units.
I mean to contrast with the Vancouver experience - lots of empty units, or units empty for many months of the year. When they go to Vancouver to visit, it's just for fun. They don't need to work, and don't work. You might meet them in public spaces and make friends with them, and find it surprising that they have so much money without needing to work.
Re: Home Values Are Rising by $800 a Day in San Jose
#238Earlier quoted context omitted.
US business taxes are based income / profits. In order to do that, it's required to allow profit-seeking entities to deduct business expenses (such as raw materials, wages, etc.). Logically, interest and property taxes are business expenses for landlords, just as steel and electricity are business expenses for Ford. Then, there's a question of whether you want to have a level purchasing environment for prospective ow…
500k capital gains tax free income doesnt fit that. Why does a stock not have this exclusion, but a home ownership does? I get government incentives overall. I am just pointing to some reasons bubbles form.
That’s a fair question. I don’t support that exclusion, even though I stand to benefit the full amount if we were to sell today. (Obviously, if we sell, we’re taking the exemption, but I agree it’s bad policy.)
Re: Home Values Are Rising by $800 a Day in San Jose
#239Earlier quoted context omitted.
To some degree yes but there's still neighborhoods that will reject proposals. There's all sorts of debate on this (just yesterday saw windshield flyers against upzones) - to summarize in a fun way see https://twitter.com/YIMBYwiki/status/951255440481857536
I have family in West Seattle and can sympathize with the increased traffic that increased density has brought. Compared to 10 years ago, it is much more built up but no road infrastructure was upgraded so it has turned into quite a mess.
Yeah, I've thankfully avoided most of the seattle traffic over the years by working remote but have gotten disgruntled with some of the public transit issues (bus bunching problems / stop closures / etc.). On the plus side the density's attracted more services - we have three 'grab n' go' car-rental services (zipcar/car2go/reachnow) and three dockless bicycle rental services (spin/limebike/ofo) which is seemingly more than any city I can think of in the world.
Most folks working at local medium-large businesses seem to get price-reduced orca cards for their daily commute.
Re: Home Values Are Rising by $800 a Day in San Jose
#240Earlier quoted context omitted.
I understand that Seattle is still allowing housing construction though?
They are, but the zoning rules and tight geographic constraints hurt it a lot. There is also a WA law that greatly increases Condo liability - nearly every new building in the city in a midrise or above density building area is built for apartments, not condos. Go look on Zillow - the number of units and houses on the market are EXTREMELY low and have been for a very long time.
This is one of the more frustrating things I see with Seattle and makes me consider moving out - there's more apartment buildings getting built instead of condos. And from what I heard developers (particularly in Portland) are shying away from new projects due to newer city requirements to build more some portion of low-income units within a new building.