Millennials simply can't afford to live in OC (San Diego, Irvine: beach, housing)

[BB_210]

Originally Posted by payutenyodagimas

have you heard of California City? its open for business but no one is building there. the Antelope Valley is also laid out already. the streets, grid..only lacking are people and businesses to move there

Perfect place for Amazon HQ2. The reality is Donald Bren, Irvine and LA want that tax revenue, who cared if the infrastructure can't handle it.

[CaliRestoration]

Originally Posted by man4857

Cities are desirable for many other things than weather. Boston, NYC, D.C., Seattle are all very expensive, but the climate varies. And yes, some people will want to live in SoCal versus other cities. But what's an "abnormal" result? High prices? Prices are just a function of the demand and supply... and where they meet are the equilibrium. I don't get why you think there's such a thing as a "abnormal" market. The market doesn't have normal or non-normal results. The implications does. What are the implications of high housing prices? Lower income people can't afford to live there. Or hell the middle class can't afford to be there. Other implications? Discretionary income is small so there's less spending in the local economy. That's the implication.

This is completely wrong. OC is home to 120,000 millionaires (1% of the countries millionaires). It's an extremely desirable place to live for wealthy people. There's plenty of discretionary income in the area. You're basically trying to make excuses to lower the prices here because YOU or OTHERS can't afford to live here. That's why your solution is abnormal, it's completely self serving for those who can't afford to buy.

I want the market to be freely allowed to build housing. I want the government to intervene to get rid of the barriers to building more housing.

Those barriers are put there by people who voted to NOT want skyscrapers littering coastal OC. You've been outvoted. Tough luck.

I never understood this part. Who grants you the right to have control over someone else's land/property? You only own some small part of the city, your property and the land that it sits on. You have no right over my property if I'm next to you and vice-versa. So since you're allowing the local population to be in control over local policy, you are also imposing government regulations in the free market by doing what you just said. Is it not? So your hypothesis of "want less regulation" is all BS... until it affects you and your neighborhood. Then it matters and you want regulation.

Yes, but all those people together own lots of little parts of OC which makes a huge part of OC. The primary problem with your solution is you assume all development is good development. Those people do not want unmitigated development in their communities and you don't seem to understand why they don't. Maybe you should actually do some research and find out why unmitigated development is not always a good thing.

Let someone build an oil refinery 5 feet from your property line. Still think all development is good? Didn't think so.

[CaliRestoration]

Here, man4857, consider this.

Southern California commuting ranked as nation’s most stressful – Orange County Register

This is why people don't not like unmitigated development.

[LuvSouthOC]

I support things my millennial friends support, such as placing a tax on foreign investors. I support this because foreign investors are warping the market.

Affordable housing pushes? Initiatives to build housing for the homeless? These and similar policies are warping the market too and should be discontinued.

[man4857]

Originally Posted by CaliRestoration

This is completely wrong. OC is home to 120,000 millionaires (1% of the countries millionaires). It's an extremely desirable place to live for wealthy people. There's plenty of discretionary income in the area. You're basically trying to make excuses to lower the prices here because YOU or OTHERS can't afford to live here. That's why your solution is abnormal, it's completely self serving for those who can't afford to buy.



Those barriers are put there by people who voted to NOT want skyscrapers littering coastal OC. You've been outvoted. Tough luck.



Yes, but all those people together own lots of little parts of OC which makes a huge part of OC. The primary problem with your solution is you assume all development is good development. Those people do not want unmitigated development in their communities and you don't seem to understand why they don't. Maybe you should actually do some research and find out why unmitigated development is not always a good thing. You're not helping the affordability problem, only making it worse.

Let someone build an oil refinery 5 feet from your property line. Still think all development is good? Didn't think so.

Then what's the point of this thread? Boo hoo everyone knows OC is expensive. Millennials, lower income, and younger folks who are beginning their career can't afford to stay. Omg surprise! So what? Is it obvious? If you want it that way for whatever reason, then there's no reason to post threads like this if the policy positions you support are to literally keep prices high.

You keep saying "good" vs "bad" developments. Point out a "bad" development in terms of housing. Not oil refineries. The point is to add housing, not oil refineries.
So if I decide to add a 10 story, upscale apartment community down the block from you, that's bad?

I don't even care at this point, the types of housing whether they're for low income, middle income, etc.. whatever. Just ADD HOUSING and LOTS OF IT. Stopping/slowing construction of housing only does 1 thing: drives prices up and prices more and more people out. Is it such a surprise most younger folks can't afford to be in the OC? Gee I wonder why... How much are you willing to let this problem get worse? Until people only making $300K can afford to live in OC? 1M? Don't tell me move to Riverside, by that time, Riverside homes will be at $850K too. You're just making the problem worse.

[man4857]

Originally Posted by LuvSouthOC

I support things my millennial friends support, such as placing a tax on foreign investors. I support this because foreign investors are warping the market.

Affordable housing pushes? Initiatives to build housing for the homeless? These and similar policies are warping the market too and should be discontinued.

Again, I've asked you on this thread and many other times and you never seem to answer it. What's the point of this thread then if that's your policy positions?

Show off how much money your asset is worth?

Is it hard to figure out: restrict housing supply = higher housing costs...

[man4857]

Originally Posted by CaliRestoration

Here, man4857, consider this.

Southern California commuting ranked as nation’s most stressful – Orange County Register

This is why people don't not like unmitigated development.

So? Is it surprising that SoCal is heavily car dependent? When it sprawls everywhere? Not a surprise there. If you pack things closer together, you won't need massive highways to connect everything together because people will walk/bike to it. Gee, what a thought. Maybe it's a concept you're not used to. Multi-use buildings.

[CaliRestoration]

Originally Posted by man4857

Then what's the point of this thread? Boo hoo everyone knows OC is expensive. Millennials, lower income, and younger folks who are beginning their career can't afford to stay. Omg surprise! So what? Is it obvious? If you want it that way for whatever reason, then there's no reason to post threads like this if the policy positions you support are to literally keep prices high.

You keep saying "good" vs "bad" developments. Point out a "bad" development in terms of housing. Not oil refineries. The point is to add housing, not oil refineries.
So if I decide to add a 10 story, upscale apartment community down the block from you, that's bad?

I don't even care at this point, the types of housing whether they're for low income, middle income, etc.. whatever. Just ADD HOUSING and LOTS OF IT. Stopping/slowing construction of housing only does 1 thing: drives prices up and prices more and more people out. Is it such a surprise most younger folks can't afford to be in the OC? Gee I wonder why... How much are you willing to let this problem get worse? Until people only making $300K can afford to live in OC? 1M? Don't tell me move to Riverside, by that time, Riverside homes will be at $850K too. You're just making the problem worse.

The real cost of a home is the land. Developers only make homes to make profit. Without profit you do not get new homes. Land in Coastal OC is exceedingly expensive. So when new developments do pop up, developers have to charge the market rate to cover their cost of investment. Because of how little free land there is left to build in OC, it's impossible for your dream of "$500,000 3/2 homes in Newport Beach" to exist. The economics of what you're asking are impossible.

It ain't gonna happen.

[expatCA]

Originally Posted by CaliRestoration

The real cost of a home is the land. Developers only make homes to make profit. Without profit you do not get new homes. Land in Coastal OC is exceedingly expensive. So when new developments do pop up, developers have to charge the market rate to cover their cost of investment. Because of how little free land there is left to build in OC, it's impossible for your dream of "$500,000 3/2 homes in Newport Beach" to exist. The economics of what you're asking are impossible.

It ain't gonna happen.

But they want to live there, can't and must blame someone.

More homes, higher buildings with more people will not fix the problem it will make it worse. Look at the multi unit buildings being built now, they are expensive. No avoiding that. Either make enough to live there or leave. Some people jut cannot accept reality, they want everyone else to pay and suffer so they get what they want.

[CaliRestoration]

Originally Posted by expatCA

But they want to live there, can't and must blame someone.

More homes, higher buildings with more people will not fix the problem it will make it worse. Look at the multi unit buildings being built now, they are expensive. No avoiding that. Either make enough to live there or leave. Some people jut cannot accept reality, they want everyone else to pay and suffer so they get what they want.

No developer is going to buy a patch of ground and build some 99 story building. Even they did, the units would be tiny and would still sell for $600,000 a unit. People think skyscrapers make things cheaper. Really? How did that work out in Hong Kong or Seoul Korea where most of the housing is huge multi-unit buildings?

This is why I think it should be a requirement for students to take a basic micro/macro economics course before graduation so people can understand the things cost money and you can't fix huge problems out of thin air.