Building permits are being issued more often and faster than before. He passed SB9 that allows a single property to be split into 2 properties, plus allowing an ADU on all properties meaning up to 4 houses per lot. But building even a small home takes multiple months, and it takes time for the trickle down of housing to get to the lowest levels. If you build a new house in Los Angeles, do you think the supply/demand curve instantly shifts? We have a transient population, so new people with money could come in to buy instead of an existing apartment renter being able to buy. A ton of existing home purchases in West Coast cities are going to corporations, investors, and foreign purchasers.
San Francisco has a density of 18,000 people per square mile, while Austin has a density of 3,000 per sqmi. There isn’t room to build new stuff, so they just convert old stuff into more expensive new stuff.
Building permits are being issued more often and faster than before. He passed SB9 that allows a single property to be split into 2 properties, plus allowing an ADU on all properties meaning up to 4 houses per lot. But building even a small home takes multiple months, and it takes time for the trickle down of housing to get to the lowest levels. If you build a new house in Los Angeles, do you think the supply/demand curve instantly shifts? We have a transient population, so new people with money could come in to buy instead of an existing apartment renter being able to buy. A ton of existing home purchases in West Coast cities are going to corporations, investors, and foreign purchasers.
But nowhere near as fast as Texas, and it shows.
https://twitter.com/ArmandDoma/status/1767651808233849142
It’s almost like there’s a gigantic difference between building new housing in a city that has water on 2 sides, a mountain on the 3rd, is hilly as fuck, and looks like this: https://external-content.duckduckgo.com/iu/?u=https%3A%2F%2Fwww.tripsavvy.com%2Fthmb%2FcDzV0BmLpYR9pvR2fM4WyJBGlfs%3D%2F2121x1414%2Ffilters%3Ano_upscale()%3Amax_bytes(150000)%3Astrip_icc()%2Fcolumbus-ave-downtown-san-francisco-aerial-538152367-58460a475f9b5851e5e8e767.jpg&f=1&nofb=1&ipt=40220336d594426b1951f443a0803c0edbae4bf26b20180063d42a59bfa3c822&ipo=images
Versus a completely flat city with open scrub-land on 4 sides that looks like this: https://external-content.duckduckgo.com/iu/?u=http%3A%2F%2Fphotohome.com%2Fpictures%2Ftexas-pictures%2Faustin%2Fdowntown-austin-1a.jpg&f=1&nofb=1&ipt=59082578a907c28cc53849c4638464ef282fe68eb7b754bda3287bbb07364464&ipo=images
San Francisco has a density of 18,000 people per square mile, while Austin has a density of 3,000 per sqmi. There isn’t room to build new stuff, so they just convert old stuff into more expensive new stuff.