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The culprit is NIMBYism, which prevents the development of new units.
In an area with restrictive zoning laws the cost of the home and the taxes you pay on it will reflect that. We specifically bought into an area that cost more and requires X amount of acres to build because that is what we wanted. If you change the rules on me now not only do I lose a substantial value of the home but I'm also going to lose the environment I have chosen to live in. I didn't move here just to have someone build a house right next door to me, that was one of the reasons for moving here to begin with.
A) The neighborhood people choose
B) The city people choose
C) The size/quality/type of housing people chooose
D) A given area's housing regulations
E) The number of housing units being constructed
.. will adequately explain why the cost of land has risen across the western world. Fannie and Freddie, or San Francisco's housing regulations don't explain why the cost of housing has risen simultaneously in the UK, Australia, New Zealand, Canada, Netherlands, United States, Spain, Italy, Switzerland, etc.
The cause, in my opinion, is :
A) western finance systems are skewed towards "easy lending" and inflation
B) western tax systems encourage hording of land as an investment
A) The neighborhood people choose
B) The city people choose
C) The size/quality/type of housing people chooose
D) A given area's housing regulations
E) The number of housing units being constructed
.. will adequately explain why the cost of land has risen across the western world. Fannie and Freddie, or San Francisco's housing regulations don't explain why the cost of housing has risen simultaneously in the UK, Australia, New Zealand, Canada, Netherlands, United States, Spain, Italy, Switzerland, etc.
The cause, in my opinion, is :
A) western finance systems are skewed towards "easy lending" and inflation
B) western tax systems encourage hording of land as an investment
Rent is double Seattle's in San Francisco. The culprit is NIMBYism, which prevents the development of new units.
Completely insane. What kind of salary is needed for that? $100k?
I make $50k. How does it go? No more than 25% of your income on rent? $12,500/12 months?
Ummmm with 1 BRs an average of $1600 in Seattle... that'a why I'm in a 3BR in the suburbs with 2 roommates. A 1BR here isn't that much better... $1300 or so and still over 25%.
We have a lot of millennials in San Diego who think building high rises will increase the housing supply and therefore bring prices down.
Nope.
High rises are the most expensive type of housing.
But the "smart growth" millennials have gotten their way, so now high rises are being built in my low-density neighborhood -- and you can get a nice one bedroom with a view starting at $1.4 million.
Check southeast Georgia... In the rural areas. I spent a few years there... And saw more than one 3 BR with a pool for $150k or so... This was 10 years ago or so... Maybe things have changed. My $210k comment was just a rough estimate LOL...
I haven't actually researched it because I have no interest in ever moving back there.
Yeah I've heard about SF! Ouch!
"Check southeast Georgia.."
I don't have to.
I now live 3 miles from the ocean in NC.
I KNOW different areas have different prices. THAT was my point.
The statement was made the "east Coast" had cheaper housing.
Mass., R.I., Conn., NY, NY, Del, MD, VA are ALL "east coast" states and the you can't touch a decent house in an urban area described in the post for such a low amount in ANY of those state's coastal areas.
Depends on what you mean by East Coast but here in Northeast Pennsylvania that is about what you are going to pay for house like that. A house worth $250K in this area would sell for one million in the right neighborhood near Philly or New York which are about 2.5 hours away.
Which WAS my point.
The poster I responded to said, "the east coast".
I responded,
"you CANNOT find that house for that price in ALL of the east coast".
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