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The employment to (adult) population ratio has been above 60% this year for the first time since early 2009. Roughly five million new housing units have been added over that time, an increase of about 4%.
What some people perceive as a "housing shortage" is really just the market rationing access to upscale units in the most desirable locations.
The employment to (adult) population ratio has been above 60% this year for the first time since early 2009. Roughly five million new housing units have been added over that time, an increase of about 4%.
What some people perceive as a "housing shortage" is really just the market rationing access to upscale units in the most desirable locations.
How come 25 year olds who have over 150k in assets are living in poverty in places like the Bay Area then?
Markets started to collapse after the final version of TARP was signed into law and the government went to immediately finance the 750 billion dollars. Bernanke initiated QE in early November to bail out the markets by absorbing the new supply. He later expanded QE in Q1 2009 after the market started to collapse again.
They also had to suspend mark-to-market accounting for derivatives held by the banks so they would end the forced selling to meet capital requirements.
There were other QE's and other policies to follow.
Shortage of housing is also related to the MERS scandal and how the banks were required to step back from foreclosing due to lack of documentation, done differently in judicial vs. non-judicial foreclosure states. Bulk foreclosures, serial mortgage modifications (almost all mods require more mods in 2 years), and placing RE assets in the hands of a few all contributed.
You might enjoy reading (or listening to - these are available as free download audio books from public libraries):
Well, I agree with the authors' claim that Proposition 13 was a terrible idea, and certainly think that it should be repealed. Otherwise, the average sales price for an SFH where I live was recently in the range of $750,000. We don't have panic in the streets over this.
You don't live in California, where harmful governmental regulation has added $125K to $250K per house for each housing start.
Many of those harmful governmental regulations are in the form of purposeful restrictive and coercive building codes that exist solely so local authorities have a bargaining position to remove in exchange for campaign contributions and other "good acts."
Roberta Achtenberg had nothing to do with the credit crisis and resulting Great Recession. She came to DC from the SF Board of Supervisors to which she had been elected after a 15-year practice as a civil rights attorney. Her job at HUD between 1993 and 1995 was to oversee consolidation and enforcement of fair housing regulations. She was of course the first openly gay nominee to a federal position to be confirmed to the job by the US Senate. This forever put her on the black-list of the right-wing.
IMO: High cost f housing and rents a result of supply and demand due to manipulation by banks and government. Do you agree or disagree- and why?
Maybe some unchecked immigration, maybe political policies, maybe declining real income for the majority of Americans, maybe lack of entry level positions, maybe university degrees that are worthless, maybe federal reserve policy, take your pick.
The veil can be penetrated! I receive regular reports from family members who do live in California. I even visit them from time to time.
Quote:
Originally Posted by SportyandMisty
...where harmful governmental regulation has added $125K to $250K per house for each housing start.
I'm sure that studies funded by the California Homebuilding Foundation, the National Association of Home Builders, and other such not at all biased sources have reported such things.
Quote:
Originally Posted by SportyandMisty
Many of those harmful governmental regulations are in the form of purposeful restrictive and coercive building codes that exist solely so local authorities have a bargaining position to remove in exchange for campaign contributions and other "good acts."
Do you expect to be taken seriously?
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