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Old 10-20-2017, 01:43 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,877,777 times
Reputation: 12203

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Brown recently signed 15 housing bills that are supposed to make CA housing more affordable

But it doesn't sound like that is likely

I thought this part was really interesting too . Why shouldn't middle class be subsidized too if they can't afford housing in L.A ?


"Neuman explained that there are too many factors at play to be able to know exactly how and when these funding sources will affect development and the real estate market in Los Angeles. But he said he is worried the city and the housing package will not do enough to produce market-rate housing.
“None of the proposals have solutions for a family of four making $80,000 per year who don’t qualify for affordable housing,” he said."

---

When Gov. Jerry Brown put his John Hancock on a package of affordable housing bills in September, advocates hailed it as a resounding success, trumpeting the new legislation as the state’s greatest hope for relief from the housing crisis and saying it would encourage a surge in development.
As a surprise to no one, developers and other real estate industry insiders are a bit more critical of the 15 laws, which they say don’t go far enough to clear up the red tape that makes California building intrinsically unaffordable.

https://therealdeal.com/la/issues_ar...-housing-laws/
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Old 10-20-2017, 05:03 PM
 
1,069 posts, read 868,320 times
Reputation: 1500
The family of four making $80,000 will indeed see a reduction is housing costs as low-income residents remove themselves from competing for the same housing the family of four is competing for.

But what Brown really needs to do is tax the hell out of foreigners buying up our property. But like the good globalist he is, he won't.
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Old 10-20-2017, 08:35 PM
 
320 posts, read 210,436 times
Reputation: 463
Quote:
Originally Posted by GSR13 View Post
But what Brown really needs to do is tax the hell out of foreigners buying up our property. But like the good globalist he is, he won't.
Actually, only 12% of properties purchased from foreigners are purchased in California. Other states like FL are far more appealing to investors, since they are less expensive.

Foreign homebuyers: Up in California, up even more nationwide – Orange County Register

Foreigners buy record number of U.S. homes despite fears of immigration crackdown - LA Times

It's really a supply and demand issue. We have more people wanting to live in LA than we have houses. While foreign investors play a small role, they are a drop in the bucket.
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Old 10-20-2017, 09:10 PM
 
Location: Los Angeles (Native)
25,306 posts, read 16,877,777 times
Reputation: 12203
L.A ranks as the top choice for foreign investors now and they have $1.7 trillion to spend on real estate in 2017 according to this article.

So they definitely have an affect in the L.A market.

Los Angeles ranks as the top choice in the U.S. for international real estate investors - LA Times
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Old 10-20-2017, 09:13 PM
 
Location: Laguna Niguel, Orange County CA
9,809 posts, read 8,512,810 times
Reputation: 7923
Quote:
Originally Posted by GSR13 View Post
The family of four making $80,000 will indeed see a reduction is housing costs as low-income residents remove themselves from competing for the same housing the family of four is competing for.

But what Brown really needs to do is tax the hell out of foreigners buying up our property. But like the good globalist he is, he won't.
I support this.
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Old 10-21-2017, 06:34 PM
 
18,177 posts, read 12,031,039 times
Reputation: 9190
Quote:
Originally Posted by ima30something View Post
Actually, only 12% of properties purchased from foreigners are purchased in California. Other states like FL are far more appealing to investors, since they are less expensive.

Foreign homebuyers: Up in California, up even more nationwide – Orange County Register

Foreigners buy record number of U.S. homes despite fears of immigration crackdown - LA Times

It's really a supply and demand issue. We have more people wanting to live in LA than we have houses. While foreign investors play a small role, they are a drop in the bucket.
Would you like a 12% wage increase or is it that too small?

12% of the houses sold impacts ... 12 % of those who would have bought one that were residents.
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Old 10-21-2017, 06:48 PM
 
1,069 posts, read 868,320 times
Reputation: 1500
Quote:
Originally Posted by expatCA View Post
Would you like a 12% wage increase or is it that too small?

12% of the houses sold impacts ... 12 % of those who would have bought one that were residents.
12% reduction in demand affects everyone. Prices are lowered across the board.
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Old 10-21-2017, 07:31 PM
 
1,450 posts, read 1,172,566 times
Reputation: 3018
Quote:
Originally Posted by ima30something View Post
Actually, only 12% of properties purchased from foreigners are purchased in California, Other states like FL are far more appealing to investors, since they are less expensive
Actually, that's a meaningless factoid. It tells us nothing.

It's unimportant what percentage of properties purchased by [not from] foreigners are purchased in California. The important factor is what percentage of California properties are purchased by foreigners.

Think about it.

If foreigners buy 100 houses in the U.S., then it doesn't matter if 12% or 100% of foreign purchases are in California. The difference is between 12 and 100 houses, which, either way, accounts for a minuscule percentage of California properties.

OTOH, if foreigners buy 10 million houses in the U.S., then even 1% accounts for a 100,000 home purchases in California, which is a significant percentage of California properties.
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Old 10-21-2017, 09:05 PM
 
Location: West Los Angeles
11,443 posts, read 10,964,810 times
Reputation: 11646
When the U.S. had a stable population of 200 million from 1920 until 1965, I wonder how often the topic of affordable housing came up?
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