California politicians will do everything possible to relieve the housing crisis, except build new housing.
Doesn't this law change work to support the creation of new housing units?
In California, you can now sell your ADU
11–20 of 108 posts
Re: In California, you can now sell your ADU
#12“While the bar for affordability is low—one 748-square-foot property included in the report sold for $610,000 in 2022—“ Sorry, the bar is LOW?
I had to do a double-take at that. That's the (inflated) going price for a 2,000+ sq. ft. home in the Southeast right now. With land.
Re: In California, you can now sell your ADU
#13US standard of living is decreasing and will never come back. Many economic anomalies can be observed to prove this: inflation is just one. But I think the most dangerous anomaly has been real estate. In, what is ostensibly the most progressive, most prosperous state in the union, you can build a "mini house" (accessory dwelling unit) on your property and rent it out. The ideal target market would be my generation (m…
What's the problem with being able to sell your ADU? Wouldn't this possibly incentivize more ADU building thus supplying more housing units to the market?
Re: In California, you can now sell your ADU
#14“While the bar for affordability is low—one 748-square-foot property included in the report sold for $610,000 in 2022—“ Sorry, the bar is LOW?
I am also confused by this statement. The most generous interpretation I have is that this number is quite high, and therefore, the bar to being more 'affordable' than this is 'low' in that selling, say, a $500,000 ADU appears quite affordable in comparison. I don't know though, it obviously all seems quite absurd. The other interpretation might be that SFH are far more than this, but one would think you would include the average price of SFH when making such a point.
Re: In California, you can now sell your ADU
#15US standard of living is decreasing and will never come back. Many economic anomalies can be observed to prove this: inflation is just one. But I think the most dangerous anomaly has been real estate. In, what is ostensibly the most progressive, most prosperous state in the union, you can build a "mini house" (accessory dwelling unit) on your property and rent it out. The ideal target market would be my generation (m…
California tech companies are enabling remote work, so there's that.
Re: In California, you can now sell your ADU
#16> The legislation could be a major benefit to senior citizens on a fixed income who often can’t afford to move, whether because of high interest rates or capital gains taxes incurred by selling a long-time home. A group that is extremely small - and we pretend like every grandma in the world lived in a little cottage in Hollywood that's now worth $3m - and whatever would she do if she had to 1031 into rental properti…
> A group that is extremely small...
Senior citizens may be a small group, but they turn up to vote.
Re: In California, you can now sell your ADU
#17> The legislation could be a major benefit to senior citizens on a fixed income who often can’t afford to move, whether because of high interest rates or capital gains taxes incurred by selling a long-time home. A group that is extremely small - and we pretend like every grandma in the world lived in a little cottage in Hollywood that's now worth $3m - and whatever would she do if she had to 1031 into rental properti…
Can't afford to move because they have to pay capital gains tax is such a bullshit reason. Pay it from the fucking gains, grandma..
If I were facing that situation (as I might be 25-30 years from now), I'd surely not rob my children/grandchildren of part of their inheritance by paying capital gains while I am alive rather than passing it along with stepped-up basis after my and my wife's death.
"Whoa, hold on; we should change the law on that last point!" I hear you saying. And I might even agree, but unless/until we do, grandma is doing the obviously sensible thing by not selling while she's alive.
Re: In California, you can now sell your ADU
#18> The legislation could be a major benefit to senior citizens on a fixed income who often can’t afford to move, whether because of high interest rates or capital gains taxes incurred by selling a long-time home. A group that is extremely small - and we pretend like every grandma in the world lived in a little cottage in Hollywood that's now worth $3m - and whatever would she do if she had to 1031 into rental properti…
To be fair, the group also includes grandma's children who have a lot staked on inherited the $3m shack on a stepped-up basis.
Re: In California, you can now sell your ADU
#19Re: In California, you can now sell your ADU
#20US standard of living is decreasing and will never come back. Many economic anomalies can be observed to prove this: inflation is just one. But I think the most dangerous anomaly has been real estate. In, what is ostensibly the most progressive, most prosperous state in the union, you can build a "mini house" (accessory dwelling unit) on your property and rent it out. The ideal target market would be my generation (m…
Wait, Texas doesn't allow you to sell an ADU? Would have thought anything goes over there since my friends so frequently tout ultimate freedom/etc.