is probably the land that give it value, i have seen multimillion empty lots in expensive cities
Not really, the major factor is the artificially manufactured inability to build new high density living spaces.
Current homeowner/landowners have no motivation to allow new housing development from being built. It would just lower their homes value and decrease rent from current landlords. So they lobby or help elect local politicians that place policies that make it increasingly harder to develop new properties.
California is huge, and most of the cities are already sprawling over huge areas. You could probably shrink a city like LA to a quarter of its size if you just increased vertical construction. There’s just no reason for land developers to build anything that devalues their other properties.
Surprise! People like living a ten minute bike ride from Redondo Beach in a reasonably nice SoCal city. Who could have seen it coming?
it is a surprise. I did not think people who could afford this cost of housing liked to bike so much.
Most rich Californians I know own a very expensive carbon fiber bike they ride for exercise only and would never use for transit because it’s too nice to leave locked up outside. Mostly I quote bike times when talking about SoCal because SoCal drivers have an annoying tendency to launch into tedious discussions of traffic patterns and freeways to prove they could drive your route slightly faster than what you estimated.
Washington yells across Oregon at California: “Yo, get your own act. I’m already doing that one.”
Washington is only valuable because its close to BC.
Who has been playing this game since 1989.
Yeah, but here it’s a wet economy. In California it’s a pretty dry economy.
Housing is a necessity for everyone. It should not be some rich boomer’s “investment opportunity”.
This sold at auction as part of a probate sale, so you can rest assured no rich boomer cashed out their investment here.
Yes, you are right. I meant my comment more generally about housing but should have made that clear.
Don’t worry, the corp’s just gonna hold onto it for a loss at that completely bullshit valuation for as long as it can —while millions die of exposure, starvation, hopelessness, et al, every year.
The system is working exactly as designed.
