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In California, you can now sell your ADU

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Re: In California, you can now sell your ADU

#51

Post by game_the0ry »

unshavedyak wrote: post #20
game_the0ry wrote: post #9

US 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.

For the price of an ADU in LA, you could probably buy a 4 bedroom SFH home in DFW. There is no need for ADUs in TX.

Re: In California, you can now sell your ADU

#52

Post by bugglebeetle »

TheBlight wrote: post #40
bugglebeetle wrote: post #22

I’ve resigned myself to the fact that California has signed a suicide pact with real estate speculators that can’t be revoked because of the political consequences of enacting policies that cause prices to go down or even stabilize. Like with the homeless crisis (which is the direct result of the housing crisis), the state will waste billions doing anything and everything to look like they’re working on the problem,…

>which is the direct result of the housing crisis The homeless crisis is better described as a mental health and substance abuse and addiction crisis.

…is what you say if you’re a real estate speculator trying to distract from root causes. Housing affordability and homelessness are directly correlated:

> A large body of academic research has consistently found that homelessness in an area is driven by housing costs, whether expressed in terms of rents, rent-to-income ratios, price-to-income ratios, or home prices. Further, changes in rents precipitate changes in rates of homelessness: homelessness increases when rents rise by amounts that low-income households cannot afford. Similarly, interventions to address housing costs by providing housing directly or through subsidies have been effective in reducing homelessness. That makes sense if housing costs are the main driver of homelessness, but not if other reasons are to blame. Studies show that other factors have a much smaller impact on homelessness.

https://www.pewtrusts.org/en/research-and-analysis/articles/...

Re: In California, you can now sell your ADU

#53

Post by adrianmonk »

username321 wrote: post #5

“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?

Yes, think of it like this. Prices are super high. A house costs one dump truck full of money. The goal of a program like this is to create something that costs, say, half a dump truck of money instead of a whole dump truck. It's affordable, in a relative sense. Or less unaffordable if you prefer.

In normal circumstances (with prices that aren't super high), you wouldn't be able to call $610,000 affordable. But here, you can. So the bar is low. The label has loose criteria.

Re: In California, you can now sell your ADU

#54

Post by Lammy »

billfor wrote: post #23
game_the0ry wrote: post #9

US 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…

Lets keep overpopulating ad infinitum (because we are told that's the only way the economy grows) and see where we are in 100 years.

Surely I am one of the ̶r̶i̶c̶h̶good people who would always have been allowed to exist.

Re: In California, you can now sell your ADU

#55

Post by yonran »

umeshunni wrote: post #8
onlyrealcuzzo wrote: post #6

> 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..

I wish reporters highlighted the stepped up basis tax loophole that causes the bizarre behavior, rather than claiming that grandmothers just can’t “afford” to sell. Many grandmothers would “afford” to sell their house if there were no tax benefit to holding it until death. Same with the “Buy, borrow, die” behavior that ProPublica reported on (https://www.propublica.org/article/the-secret-irs-files-trov...). Instead of advocating for an esoteric unconstitutional wealth tax, why didn’t they advocate for closing the loophole that creates the incentive?

Re: In California, you can now sell your ADU

#56

Post by UncleOxidant »

game_the0ry wrote: post #47
UncleOxidant wrote: post #41

Earlier quoted context omitted.

ok, so NIMBY then.

Is it my backyard if I do not even live in the state?

> "I do not want to live in a ADU nor do I want one on my property, nor do I want to live in a community that has ADUs."

Sounds like you don't want them in your backyard.

Re: In California, you can now sell your ADU

#57

Post by cheriot »

ryeights wrote: post #34
UncleOxidant wrote: post #19

Earlier quoted context omitted.

I would think so. Not sure why there's so much negativity about it here.

The idea is degrading. A generation of people for which the only feasible path to home ownership is living in a mobile/kit home in someone else’s backyard.

Part of the political problem is people voting against any form of housing they don't want for themselves.

What's degrading is people on the street because CA has such an extreme housing shortage.

Re: In California, you can now sell your ADU

#58

Post by epistasis »

miguelazo wrote: post #50
epistasis wrote: post #46

Earlier quoted context omitted.

This is bullshit and lies. Almost nothing has been built compared to the past. There are not mostly vacant luxury condos in downtowns. As is this absolute canard "the real issue is affordability." Well obviously. But where does the unaffrodability come from ? What gives landlords and home sellers the power to price far above average incomes? It's a shortage of housing. If there was enough housing they simply could no…

>But where does the unaffrodability come from? Hmm, maybe the type of housing being built.

Again, absolute BS. No better example of this than LA. The type of new housing being built is small condos. Previously affordable housing is becoming unaffordable. That's not because of new units, that's because of a shortage.

Crappy little homes all over the city spiral up in price. Meanwhile a small number of apartments and condos are built downtown, and people publish fake studies about how there are vacancies, and the studies have to be retracted within days.

Everybody focuses on the new as if that's causing the problem, rather than seeing that there's massive massive overcrowding everywhere, lower income people are commuting massive distances, and what used to be working class neighborhoods have homes selling at prices that require household incomes of more than $500k/year.

The problem is a massive shortage. (And massive corruption in the permitting process, how many LA pols are facing felonies now because of denying housing so that they can take bribes to let a few things through?)

Re: In California, you can now sell your ADU

#59

Post by mvncleaninst »

game_the0ry wrote: post #9

US 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…

> Question - how long will this last before the young say "enough" and vote for politicians that just redistribute assets? Bc that historically has not worked well.

The NIMBYs: they don't pay their fair share of property taxes (because prop 13). They oppose building new housing to drive up their property values, but this doesn't increase their property taxes because prop 13

A start would be this: repealing prop 13 and forcing the NIMBYs to pay their fair share of property taxes. Make them sleep in the bed that they've made for themselves

Re: In California, you can now sell your ADU

#60

Post by perrylaj »

username321 wrote: post #5

“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?

As in "this 748 square foot property was deemed 'affordable' when priced at $610k" - the implication being that it's a low bar to call something affordable, not that it's a low bar to _actually be_ affordable.

edit: sorry, this was already said by multiple other people - apparently had an outdated thread in the browser, those comments weren't there when I hit reply!

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