The Conservative Cave
Current Events => The DUmpster => Topic started by: SSG Snuggle Bunny on August 17, 2015, 08:21:39 AM
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marmar (67,679 posts)
Housing Affordability in San Fran & Bay Area Plunges; Stocks, Interest Rates Could Trigger Epic Bust
Housing Affordability in San Francisco & Bay Area Plunges; Stocks, Interest Rates Could Trigger Epic Bust
by Wolf Richter • August 16, 2015
The median house price in San Francisco has jumped 103% since the first quarter 2012 to $1.35 million in July; the median condo price has jumped 74% to $1.125 million. These aren’t palaces; condos include 1-bedroom and smaller units!
And incomes in San Francisco, it turns out, haven’t soared in lockstep (the Census Bureau pegged the median household income at $75,604 in 2013 though it has risen since). A similar scenario has played out in other Bay Area counties. And thus housing affordability has plunged. “Housing crisis†– that’s what a lot of people call it.
The Housing Affordability Index (HAI) for the 2nd quarter, just released by the California Association of Realtors, shows that only the top 10% of households in San Francisco can afford to buy a median house, and this despite historically low mortgage rates!
By comparison, 30% of the households in California and 57% of the households in the US can afford to buy a median home. To be considered “affordable,†the mortgage payment, property taxes, and insurance costs can’t be more than 30% of household income. This chart from a new report by Paragon Real Estate shows the absurdity in the 9 Bay Area counties, compared to California and the US:
<a chart>
So how much household income does it take to be able to buy that median house in San Francisco? A chunk! The minimum qualifying income is $268,000 – almost six times as much the $45,000 it takes in the US overall. But household incomes are only about a third higher in San Francisco. Absurd? ..............(more)
http://wolfstreet.com/2015/08/16/housing-affordability-san-francisco-bay-area-plunges-stocks-interest-rates-to-trigger-epic-bust/
yeoman6987 (7,719 posts)
1. How on earth can the most progressive city in America
Be so unaffordable. If I want an example of liberal leadership with zero republicans in office ever this would be the city. But San fransico has changed from liberal to liberal elite which is awful.
Recursion (40,399 posts)
2. Build. Denser. Housing.
The elevator is the most effective mass transportation device in history. If SFO weren't held hostage by people who fetishize its Victorian architecture this wouldn't be close to the problem it is.
They don't come any denser than you.
kelliekat44 (6,811 posts)
3. Owning a home is highly overrated ..especially for middle income families.
And rent is too damn high. There will be more and more multiple families living together to afford housing all over the US and thus the standard of living will suffer more and more. The uber wealthy could care less and are too self-absorbed to see how this will negatively affect them also. I see these multiple housing moves all around in a very affluent neighborhood and it is creeping toward the gated communities on the outskirts. Yes, the bust is coming.
Nobody wants to live with Proglodytes.
http://www.democraticunderground.com/10027084682
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yeoman6987 (7,719 posts)
1. How on earth can the most progressive city in America
Be so unaffordable. If I want an example of liberal leadership with zero republicans in office ever this would be the city. But San fransico has changed from liberal to liberal elite which is awful
The stupid is strong with this one.
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The stupid is strong with this one.
I couldn't decide if I wanted to bring over the thread or not until I read that post.
That post alone made it worth the effort.
Now I can't help but wonder if it's a mole being facetious.
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yeoman6987 (7,719 posts)
1. How on earth can the most progressive city in America
Be so unaffordable. If I want an example of liberal leadership with zero republicans in office ever this would be the city. But San fransico has changed from liberal to liberal elite which is awful.
This surprises you?
Look up "useful idiot" and it will become clear.
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This comment (over here; I stay out of that cesspool as much as possible) needs a comment . . .
Recursion (40,399 posts)
2. Build. Denser. Housing.
The elevator is the most effective mass transportation device in history. If SFO weren't held hostage by people who fetishize its Victorian architecture this wouldn't be close to the problem it is.
For. Denser. Progdolytes. :whistling:
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Anybody see the Michael Keaton movie Pacific Heights ?
I wish that upon every lib resident of San Fran.
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Anybody see the Michael Keaton movie Pacific Heights ?
I wish that upon every lib resident of San Fran.
Ha ha ha ha... good one. :-)
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Denser population centers = captive Democrat voting blocs.
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yeoman6987 (7,719 posts)
1. How on earth can the most progressive city in America
Be so unaffordable. If I want an example of liberal leadership with zero republicans in office ever this would be the city. But San fransico has changed from liberal to liberal elite which is awful.
Meanwhile, in red state hell, you can easily purchase a 3 BR, 2 BA, ranch with garage, and a half an acre for under 200K. ...and that's on the high end. With low cost of living, low taxes, and a better quality of living.
:popcorn:
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yeoman6987 (7,719 posts)
1. How on earth can the most progressive city in America
Be so unaffordable. If I want an example of liberal leadership with zero republicans in office ever this would be the city. But San fransico has changed from liberal to liberal elite which is awful.
A large part of the answer is very simple, though DU-folk don't want to hear it: Progressive policies have made housing in SF scarce; scarcity means people bid up the price.
Enviros have made building housing expensive and difficult.
Cities - SF is among the worst - have imposed restrictions, land-grabs, delays, and fees on builders.
Cities such as SF have made the profitability of rental housing doubtful/risky, discouraging maintenance of existing and building new rental housing, and encouraged conversion of existing rental units into condos.
The tighter government squeezes the marketplace and people, the more the marketplace and people run through government's fingers.
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Afagistan..... :lmao:....I didn't catch that the first time around.
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Mon Aug 17, 2015, 08:34 AM
Star Member Recursion (40,408 posts)
2. Build. Denser. Housing.
The elevator is the most effective mass transportation device in history. If SFO weren't held hostage by people who fetishize its Victorian architecture this wouldn't be close to the problem it is.
That's actually a good idea that has been used for years in other cities.
They call these neighborhoods "The Projects", and they're a great way to help 0bamaites shoot one another more efficiently.
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That's actually a good idea that has been used for years in other cities.
They call these neighborhoods "The Projects", and they're a great way to help 0bamaites shoot one another more efficiently.
but....but....but DUmmies want to stop factory farming.
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That's actually a good idea that has been used for years in other cities.
They call these neighborhoods "The Projects", and they're a great way to help 0bamaites shoot one another more efficiently.
Yet in San Fran, these "projects" would soon be called "bathhouses," and they'd be shooting one another, all right. It would just take longer for the ammo to work.