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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (43634)10/25/2005 11:31:42 PM
From: Lizzie TudorRead Replies (1) of 306849
 
Housing production has not kept pace with the State’s housing needs, particularly in the coastal metropolitan areas

After prop 13, the cities have decided that trying to get tax revenue from residential construction is fruitless so they only approve commercial construction properties. It is readily apparent when you visit Silicon Valley- San Mateo for example which 30 years ago had a lot of salt mines and "Marine World", has turned into one giant office park with very little residential construction post - 1980. Go one city north to San Bruno, which is an older city built out 50 years ago, and there is a lot more residential. The tax code has caused a lot of the housing shortage, is my point. Local governments view residential construction as a bunch of freeloaders who use city services and don't pay for them (which is true, unfortunately)
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