The state has a bunch of bills to force new construction. But these liberal math challenged legislators don’t get that it costs $600/sf including land to build in urban areas. Affordable housing doesn’t exist in California. Construction, land and entitlement costs are skyrocketing. In fact forcing BMRs on development just raise the cost and creates less units.
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They ignorantly omit the increase of the standard deduction which helps renters. It is so large that over 90% of people won’t even have to itemize their deductions. That makes owning and renting the same for 90% of people for tax purposes.
They do accurately say new construction is too expensive save to be affordable. They completely ignore the impact new constriction has on B and C class rents though. Of course, they want massive government programs to create more equality. That’s always the solution.
Over $600/SF for new apartment construction for land and hard costs in Oakland. Can still buy class C apartments in Sacramento for $75/SF. But they need lots of upgrades than can easily cost $100/SF. Construction is expensive and codes are being fiercely enforced.
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