Re:U.S. Suffers Sharpest Rise in Poverty Rate in More Than 5...
by orangecat on Wednesday January 27, 2021 @01:27PM
(#25931848)
California, from every source I've seen, has a major, systemic, generations long market failure.
Failure, yes. Market, no. Local governments will point guns at you if you try to build more housing.
Re:U.S. Suffers Sharpest Rise in Poverty Rate in More Than 5...
by masonic on Thursday January 28, 2021 @03:51AM
(#25939695)
There are about 4,000 added units within a mile radius of me (Santa Clara / Sunnyvale border) in an 18 month span (would have been a year without Covid)... nearly 3,000 adjacent to Lawrence Expressway alone.
You don't have a clue what you're talking about.
Re:U.S. Suffers Sharpest Rise in Poverty Rate in More Than 5...
by adolph on Wednesday January 27, 2021 @01:35PM
(#25931982)
The phrase “market failure” often implies that left to their own devices people can’t find a way to satisfice wants and needs through the normal process of selling, buying and owning. My impression of California housing (and likely Seattle too) is that there are other factors at play and that the “market” isn’t the thing causing the “failure.”
However there are also less obvious results given the time domain involved. The problems have followed those retiring out of California's market as other regions follow in the same footsteps.
As an example; the greater Seattle / Puget Sound metro area reached a combination of sprawl / urban growth boundary / natural features (mountains, lakes, the sound) at about the same time that the 2008 recession killed what little development was still occurring.
The price of a very cramped, noisy (poor insulation) apartment in the city without even a parking spot to store the vehicle for anything you're doing outside of the city (E.G. visiting family on a weekend, going hiking, etc) was easily at least 3K (offhand, the last time I looked), and similar units in the suburbs quite far out, if available, were about 1.5K per month.
There might be more rural areas, but those were excluded from my search as the last time I looked they failed even the FCC's definition of broadband (25mbit down, 3mbit up). I suspect any areas out that far with good Internet would still have bad prices.