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Old 05-08-2019, 04:22 PM
Wesley Clark is offline
2018 Midterm Prediction Winner
 
Join Date: Aug 2003
Posts: 21,988

How do you forsee Gavin Newsom's attempt to have 3.5 million new homes built in California by 2025


https://la.curbed.com/2018/11/8/1807...m-housing-plan

Quote:
In a 2017 post published on Medium, Newsom declared that as governor he would oversee construction of 3.5 million new units of housing in California by 2025, amounting to roughly 500,000 units per year, were the tally to start right away.

That would require some aggressive building strategies. Over the last 10 years, an average of less than 80,000 homes have been built in California annually, according to the state’s housing department.
It sounds like a good plan, and increasing the number of houses will make the big cities in CA more affordable.

However, there is going to be a lot of pushback from the big cities against this since homeowners will potentially lose trillions in property value if the housing market goes from 11.5 million dwellings up to 15 million.

Supposedly setting housing standards at the national level if why housing is more affordable in Tokyo despite it being a large city with a large population density. So CA state overruling local regulations could do quite a bit to make housing more affordable.

But how will this play out? Lots of people with homes worth 6-7 figures won't want the housing market filled with new homes since it'll drive down prices. Plus won't it cause local tax revenue to decrease if home prices decline deeply? So local governments would oppose it too.

But it'd be nice to see it happen.
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Last edited by Wesley Clark; 05-08-2019 at 04:24 PM.