I voted yes on prop 10 just so it’ll lower property values (San Francisco: rent, condos)

[Perma Bear]

Here’s hoping

[silverkris]

You're just too funny with your wishful thinking.

[Perma Bear]

Originally Posted by silverkris

You're just too funny with your wishful thinking.

I don’t even care about buying anymore I just would like to see the carnage

[sonarrat]

If you really want to reduce property values, vote yes on prop 6. Our roads are already the worst in the country and some of the most congested, so let's defund them!

Prop 10 is not going to help housing costs. It's a measure that fixes the wrong problem. If they want more housing to be built, then what you do is make it easier and more appealing to build. High land costs and escalating construction expenses make it hard enough already to make projects pencil out. With rent control that's just one more factor for builders to try and overcome.

Less housing stock being built will continue to increase the prices for everyone, except for the people who are already living there.

I have seen some rent-controlled housing stock in San Francisco and Oakland. What you see across the board is the same: dated, dirty, ugly. Because of the low return from investment, the landlords feel absolutely no obligation to make the units on offer livable, comfortable, or even safe for habitation. But people keep biting on them because the security of having rent increases fixed is too good to pass up. And they live in them until they are so poor, relative to the market, that they can barely afford to replace a light bulb let alone fix a leaking toilet.

What's the real solution? Foster more job growth in the areas where the people are. Let's give some tax breaks for development in Antioch and Tracy and Stockton. If you're bringing jobs, you should be incentivized for doing it in a way that doesn't further cramp up the regional transportation network. Don't expect people to somehow figure out how to commute to an area of $3 million condos when your employees qualify for food stamps. Don't expect everyone to want to commute to the same few areas where jobs are concentrated. Don't act surprised when you have to hire foreign workers that don't know how high the cost of living is, because everyone reasonable takes one look and nopes out of it.

[JJonesIII]

Originally Posted by Perma Bear

Here’s hoping

You voted "yes" to lower property values? That's interesting Why do you think it would lower them?

[Perma Bear]

Originally Posted by JJonesIII

You voted "yes" to lower property values? That's interesting Why do you think it would lower them?

Landlords would make less of a profit because of the state wide rent control provisions.

[twins4lynn]

San Francisco has rent control. Doesn't really affect property values there.

[JJonesIII]

Originally Posted by twins4lynn

San Francisco has rent control. Doesn't really affect property values there.

Shhhh....don't confuse him. He thinks he's on to something.

[skygazer1]

Originally Posted by twins4lynn

San Francisco has rent control. Doesn't really affect property values there.

It's outta here by 2:1! LOL. That it would make any difference, the highest property values can be found in the tightest rent control cities!

[TravelingBoat]

Prop 10 failed so the supply of homes will be smaller because there is less incentive to sell your home. That means homes will get more expensive in California. Simple supply and demand.