11–20 of 204 posts
I wonder why they didn’t mention one simple explanation - many of these are Airbnbs or other short term rentals.
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Their numbers look sound to me. Did you read the article? >The ten most populous Bay Area cities listed above have a combined point-in-time homeless total of 63,527, and, margins of error notwithstanding, a census-estimated 92,800-plus homes vacant, a ratio of about three units for every two persons. >The census’ annual American Communities Survey defines a home as vacant if there is either no occupant or a temporary…
Personally, my (rough) idea would be to increase property taxes dramatically for unoccupied residences, which would encourage them to be put on the market for rental at least, and drive prices down a bit.
When I lived in San Francisco, the newly built condo building across from me was fully empty (but fully sold) for all the years I lived there. This is a tower in SOMA. There was only one apartment which appeared to be a corporate one that was occasionally utilized. The rise of foreign money parking money in real estate has screwed things up on a global level. San Francisco has felt the brunt of this due to their insa…
Why should different rules apply to foreigners in this context? An American billionaire buying a few condos and keeping them empty has the exact same effect as a Chinese billionaire doing so. Rules around vacant homes are good, though, and I strongly support them.
Zoom out for a second and consider how wild it is that we turned a life necessity (shelter) into a speculative plaything.
When I lived in San Francisco, the newly built condo building across from me was fully empty (but fully sold) for all the years I lived there. This is a tower in SOMA. There was only one apartment which appeared to be a corporate one that was occasionally utilized. The rise of foreign money parking money in real estate has screwed things up on a global level. San Francisco has felt the brunt of this due to their insa…
also it's not like you can let someone live in a house for free and just call it a wash. anyone who has ever rented a home to folks knows that tenants can be _extremely_ hard on a rental property.
You can make money on capital gains without any continuing investment/income or significant tax... why bother with tenants. Just sell out to the developer who wants to put in another high-rise apartment complex when the price is higher. In the mean time... screw the neighborhood.
https://www.theguardian.com/commentisfree/2020/jan/09/san-fr...
Earlier quoted context omitted.
Why should different rules apply to foreigners in this context? An American billionaire buying a few condos and keeping them empty has the exact same effect as a Chinese billionaire doing so. Rules around vacant homes are good, though, and I strongly support them.
At least an American billionaire pays some American taxes. If a foreign speculator makes a lot of money they aren't even paying any income or capital gains taxes here.
When I lived in San Francisco, the newly built condo building across from me was fully empty (but fully sold) for all the years I lived there. This is a tower in SOMA. There was only one apartment which appeared to be a corporate one that was occasionally utilized. The rise of foreign money parking money in real estate has screwed things up on a global level. San Francisco has felt the brunt of this due to their insa…
edit: forgot to add non-primary home.
When I lived in San Francisco, the newly built condo building across from me was fully empty (but fully sold) for all the years I lived there. This is a tower in SOMA. There was only one apartment which appeared to be a corporate one that was occasionally utilized. The rise of foreign money parking money in real estate has screwed things up on a global level. San Francisco has felt the brunt of this due to their insa…
We should really just repeal prop 13 for commercial and non-primary home real-estate. edit: forgot to add non-primary home.