"Affordable Housing," Free Market Style - Chapter 2
The California Association of Realtors (CAR) has now officially predicted what yours truly predicted on this blog some time ago: housing prices will decline. CAR guesstimates a two percent decline in 2007. So before we impose an additional billion-plus-interest tax burden on the backs of existing homeowners to pay Measure H, let's give the free market some time to lower prices.
It's not as though this is a ghost town, after all; we've got 4 million people living here already.
Here's the story: http://www.dailynews.com/business/ci_4513736
Posted by Walter Moore @ 10/19/2006 05:51:00 AM
7 Comments:
Yes, of course, what a reasonable solution . . . (why would only "Wacko" think of this?).
With a 2 percent decline, then the growing number of $1+ million MacMansions in the city will only be selling for $980,000.
That means that poorer families would only have to fit 6-7 other poor families in the home (and garage) in order to be able to afford the mortgage, down from 8 families just a bit ago. Just think what will happen if prices decline a WHOPPING 10 percent, and they can get in for less than $900K. They might not EVEN have to rent out the garage.
To say nothing of the thousands of apartments turned into $500K to $600K condos left and right (the poor can pick on of those up for a measly $490,000).
At best, a 2 percent decline takes what, $20-25 bucks a month off the monthly nut for an average-priced home, and 5-10 percent MIGHT save you a couple hundred (by 2009??) It's not like you can quit that 2nd (or third) job as a result.
Are you for f***ing real? How DO you even manage to commute to work or shuttle your maids and nannies to the bus stop every day and not get SOME clue as to how people actually live in this city?
Those are some major blinders you wear, dude. I hope to heck you're not teaching economics at that school.
How many homeless will die in the streets of L.A. for each 1 percent decline in housing prices, before this kind of "free market" solution even makes a dent in a problem that has existed for decades.
What guarantees are there that the decline in prices will even hold for more than a short term?
Some very shallow thinking posted here, aimed an keeping another few dozen dollars in your own wallet, each year, at any expense to the neediest in the city.
What guarantees are there that the decline in prices will even hold for more than a short term?
Some very shallow thinking posted here, aimed an keeping another few dozen dollars in your own wallet, each year, at any expense to the neediest in the city.
J, it sounds like you're at 65%, not 68%.
Homeless deaths because of lack of affordable housing? Don't even make me laugh so hard. Your billion dollar bond boondoggle will take less than 1% of the homeless off the streets.
If you want to shelter the homeless better, for a billion dollars you could buy 50,000 yurts and get every homeless person in LA into shelter. But you wont--you'll shelter at tops 200 a year for ten years, and the bulk of the money will go to contractors and developers.
With forclosure notices up, according to today's LAT, you better make that 100,000 yurts.
Haven't you heard? There IS no middle class left in L.A. anymore, just the working poor and the defeat-any-bond-issue, by any means, hording rich.
Yes, yes . . . "J" is blogging here, personally, as are "M" and "F" and "P" and "L" (what the "L"), but "Q" and "R" are still afraid of being traced, so they're N-cog-neat-O.
It's a regular MIB III casting call (sheesh!)
The city is doing everything it can to undo Prop 13.
They have gobbled up the Tax Increment (Increases) on property taxes on all of their CRA projects and as these projects are completed and begin to fill up with people there are no tax increases available to pay for the increased need for city services including fire, police and infrastructure.
So what is the solution? Why just write up a Bond Proposition and put it on the ballot!
There is a school bond on every ballot. Prop Y, once again for schools, was passed with absolutely no opposition written up against it last time we voted
People who rent think it is no skin off their noses, but rest assure the landlords will eventually get those property tax raises out of the tenants.
Protect yourself. Vote No on H!
There is one word for what is going on in government everywhere national, state, and local.
Kleptocracy!
klep·toc·ra·cy (klµp-t¼k“r…-s¶)n., pl. klep·toc·ra·cies. A government characterized by rampant greed and corruption. [Greek kleptein, to steal + -cracy.] --klep”to·crat“ic (-t…-kr²t“¹k) adj.
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