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San Diego rents declined following surge in supply

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Re: San Diego rents declined following surge in supply

#11

Post by socalgal2 »

mothballed wrote: post #7
fhdkweig wrote: post #5

Earlier quoted context omitted.

That part is the obvious part. I want to know how they got all the entrenched landowners to let new builds in their neighborhoods and drive down values. The NIMBYs are usually the problem.

Maybe renters were such a crazy high percent that despite the fact they were all wrapped up in their jobs and children vs retirees with nothing else to do in their $1M house than show up to meeting to influence the political apparatus they they still finally balanced out at the planning and zoning meetings.

plenty of renters ask for rent control instead of increasing supply. Often they make the mistake of seeing high prices for new apartments and mistakenly believe those high prices mean the rent is going up over all.

Re: San Diego rents declined following surge in supply

#12

Post by Detrytus »

ivewonyoung wrote: post #4
dmitrygr wrote: post #2

Increase in supply lowers equilibrium price? Somebody, pinch me!

A mainstream view on one side of the political spectrum that increase in new home supply(especially if high end) does not lower prices or reduce shortage. > One well-worn refrain of progressive urban politics is that new, “luxury” housing will not help solve the housing shortage. A 2024 study of U.S. voters found that 30 to 40 percent believed more housing would, instead, increase prices, and another 30 percent belie…

Well, building luxury housing still helps, to some degree: the richest residents of the area would buy it, and they would sell their old house to someone slightly less rich, who in turn would sell their old house… At the end of this chain you get affordable housing.

Re: San Diego rents declined following surge in supply

#13

Post by skrtskrt »

mothballed wrote: post #7
fhdkweig wrote: post #5

Earlier quoted context omitted.

That part is the obvious part. I want to know how they got all the entrenched landowners to let new builds in their neighborhoods and drive down values. The NIMBYs are usually the problem.

Maybe renters were such a crazy high percent that despite the fact they were all wrapped up in their jobs and children vs retirees with nothing else to do in their $1M house than show up to meeting to influence the political apparatus they they still finally balanced out at the planning and zoning meetings.

California also passed a ton of laws that effectively upzoned the state in various ways. Minnesota did the same thing a few years back.

This seems like the only real path - you cannot beat out these skeezy local homeowners and landlords at the corrupt local politics game. You need statewide politicians who have political ambitions to build off of solving these problems.

Re: San Diego rents declined following surge in supply

#15

Post by skrtskrt »

ivewonyoung wrote: post #4
dmitrygr wrote: post #2

Increase in supply lowers equilibrium price? Somebody, pinch me!

A mainstream view on one side of the political spectrum that increase in new home supply(especially if high end) does not lower prices or reduce shortage. > One well-worn refrain of progressive urban politics is that new, “luxury” housing will not help solve the housing shortage. A 2024 study of U.S. voters found that 30 to 40 percent believed more housing would, instead, increase prices, and another 30 percent belie…

That's because "progressive" urban politics is generally not progressive at all and dominated by the upper middle those that benefit or think they benefits from squeezing the working class out of their neighborhoods.

Re: San Diego rents declined following surge in supply

#18

Post by nemomarx »

Detrytus wrote: post #12
ivewonyoung wrote: post #4

Earlier quoted context omitted.

A mainstream view on one side of the political spectrum that increase in new home supply(especially if high end) does not lower prices or reduce shortage. > One well-worn refrain of progressive urban politics is that new, “luxury” housing will not help solve the housing shortage. A 2024 study of U.S. voters found that 30 to 40 percent believed more housing would, instead, increase prices, and another 30 percent belie…

Well, building luxury housing still helps, to some degree: the richest residents of the area would buy it, and they would sell their old house to someone slightly less rich, who in turn would sell their old house… At the end of this chain you get affordable housing.

I think the steelman argument is that maybe you induce demand and it's a wash on housing costs as rich people move into the city or etc to use the new condos

But you do at least get more property taxes?

Re: San Diego rents declined following surge in supply

#20

Post by mothballed »

throwaway27448 wrote: post #17

What is this country's allergy with public housing? Not pursuing that feels like jumping in water with our hands tied behind our backs

They were historically used, at least most notoriously, for selling crack and sniper fortresses for organized gangs. Your average American envisions something like Cabrini Green when you say public housing.
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