A burned-out home selling for $799,000 in San Jose's Willow Glen neighborhood is quickly becoming a symbol of Silicon Valley's insane real estate market.
Barr says it's the 5,800-square-foot lot that she's selling, and its prime location near a commercial strip lined with trees, cafes and boutiques. The home is adjacent to downtown San Jose, where Google plans to build a new campus.
"Houses nearby have sold for $1.6 million," Barr says. "This is land value at half of that."
The burned-out home on the property isn't scaring buyers away. Barr says she already has 10 people interested and the home hasn't even officially gone on the MLS.
I saw a comment somewhere online yesterday that San Francisco housing is supposedly appreciating at $60/hour, more than four times the local minimum wage of $14/hour.
I live near the SF Bay Area and have friends that live there - the BA is very expensive yes, but average starting wage for professional jobs are six figure. Basically, it's expensive but employees are also well-compensated. If employers didn't compensate accordingly, no one could live there except CEOs and millionaire playboys. Yet, millions live there. TBH, I'm not sure why (good weather?) but they do and they can't build houses fast enough to keep up with the demand.
Suppression of wages comes when there's an imbalance between worker Supply/Demand. On the west coast, San Diego is a prime example. Everyone from around the world wants to live and work there, so not only can you NOT get a decent job with a college education, but when you do, it won't pay very much. Why? Competition. Literally, people are moving there from the Philippines, India, Europe, etc. and they are competing with you: employers don't care if you're American or local, they only care about bottom-line.
When Spitzer began looking for a house, she realized that the market was lacking in middle-class housing.
“There is a real deficit in medium-priced housing here. There’s a collect of poor quality, older and small homes that sell for maybe $100,000, and then there’s a lot of really expensive houses that are [in the] $500,000 range,” Spitzer said.
Truame said she thinks the housing market isn’t a deterrent to professors because they can afford it. The average professor at the college makes about $100,000 a year, and associate professors make about $80,000, according to data from The Chronicle of Higher Education. Her concern lies with the people at the lower end of the income spectrum who can no longer afford to live in Ithaca because of rising market prices.
“People who have been here, with service industry jobs, are getting pushed out of the market,” Truame said.
She said the prices are rising simply because of supply and demand. She said the school districts and appeal of the culture and job market makes many people want to move to Ithaca.
Chris Holmes, assistant professor in the Department of English, moved to Ithaca in 2012. He said many people who wanted to live in downtown Ithaca either thought apartments were too expensive or very run-down. According to Zillow, an online real estate marketplace and database, the median rental estimate for all housing in Ithaca is $1,771 a month as of September 2015.
If a professional planner works for a municipal government it's your implied or explicit responsibility to be a conduit for the legal will of your employer. Pay attention and do your best but if you see change that may be needed for the community though they appear not to be ready, don't push it but be prepared.So what do we think of this article and Mr. Falk? I'm in a place where there are similar housing challenges and deficits, a county projected to add 50,000 jobs and only 30,000 dwellings by 2050. It seems like he resigned after being reprimanded for writing a memo in opposition to local control over housing density.
More on point, is the practicing planner supposed to be a pipeline that public will just flows through, or something else? Where does the code of ethics put you compared to what your community says about housing opportunity?
...or be a professional and do your job without imposing your conflicting philosophy. It is possible, and even ethical, to do so. (aka "Suck it up, buttercup.)If a professional planner has fundamental philosophical differences with your municipal employer, then you have to move on and find a different employer or become the developer yourself.
That is presumed in the first part of my post.
So what do we think of this article and Mr. Falk?
The state [of California] is in need of about 180,000 new housing units a year to keep up with population growth, yet it is averaging hardly half that number. The resulting climb in housing costs has largely contributed to California having the nation’s highest rate of poverty, according to the U.S. Census Bureau’s Supplemental Poverty Measure.
As Merced’s housing crisis intensified this week to the point of upsetting the start of UC Merced’s school year, City Council approved first steps for a new and much-needed affordable housing development in north Merced.
Many have asked that more affordable housing developments be built in north Merced — a region of the city widely thought of as having more resources and being generally more affluent. . . . No new affordable housing developments have been completed in Merced since 2014, according to city staff.
Affordable housing units have costs fixed so that very low to moderate income-level earners spend no more than 30% of wages on housing. . . The planned project would create 156 new affordable housing units.
Merced is about 2 hours south of Sacramento so don't know how he will add much to this discussion. Currently working on a 54 unit all affordable housing project on the coast that has never been done in my muni. Affordable housing brings the worse out in humanity.New Merced [No.Cal.] affordable housing project approved amid growing residential shortage
I wonder if @mercdude could tell us more about this specific project...?
It is not even about that.. let's be real. It's the connotation of "those people". I am sure if you probe deep and ask where their ancestors came from, you can pretty much let them know that:I know. What the hell?
God forbid your nurse/EMT/grandkid gets to, maybe, live in your community.
I'm just amazed there are all these people out there who never, ever, in any stage of their lives, lived in an apartment.It is not even about that.. let's be real. It's the connotation of "those people". I am sure if you probe deep and ask where their ancestors came from, you can pretty much let them know that:
I can go on.. but they don't see the glaring similarities.
- irish need not apply
- okies need not apply
- italians need not apply
- coloreds need not apply
Well, I actually come fairly close to that description -- only apartment life I've had since I was a wee little lad was a few school-years in some (rather nice) dorms at the local university. However, what you're talking about is a bit more general in many cases even: folks will happily thumb their nose at people who gasp! rent their house, but aren't quite so blinkered towards condo-dwellers even though the only difference between an apartment and a condo is the paperwork. (Quite literally: there are several buildings in my fair city that were built as apartments way-back-when, but have been converted to condos over the past few decades as the neighborhood became nicer.)I'm just amazed there are all these people out there who never, ever, in any stage of their lives, lived in an apartment.
I should have also asked if all of these people think they'll never live in an apartment in the future!Well, I actually come fairly close to that description -- only apartment life I've had since I was a wee little lad was a few school-years in some (rather nice) dorms at the local university. However, what you're talking about is a bit more general in many cases even: folks will happily thumb their nose at people who gasp! rent their house, but aren't quite so blinkered towards condo-dwellers even though the only difference between an apartment and a condo is the paperwork. (Quite literally: we have several buildings in our fair city that were built as apartments way-back-when, but have been converted to condos over the past few decades as the neighborhood became nicer.)