Quote:
Originally Posted by Crawford
This suggests that the problem is too few SFHs, so the alleged remedy (more multifamily) sounds questionable. Of course adding housing, of any type, will help on the margins, but you aren't gonna significantly lower SFH prices by building a different typology.
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in a metro area as wealthy
and land scarce as the bay area, lowering SFH home prices is most likely a futile endeavor. that particular supply/demand curve is likely gonna be severely outta whack for the foreseeable future.
so what are the choices for the middle class who can't borrow equity from their parent's property to buy their first home?
a. hope that
a lot more multi-family is built wherever it can and hope it starts to lower the price point to a more realistically attainable level.
b. move to the central valley if a SFH is non-negotiable.
c. leave the region altogether if a SFH is non-negotiable.
d. give up on home ownership and rent forever (SF does have rent control, i don't know how the rest of the bay area operates).
e. something i'm missing?
if a SFH is non-negotiable, then a great many people in that group are straight-up not ever going to be home owners in the bay area proper.