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To: Jim McMannis who wrote (169042)	8/4/2002 11:17:28 PM
From: Elmer	Read Replies (1) \| Respond to of 186894

This verifies what you say about government policy and voter policy. Remarkably this article hardly mentions government fees. In Santa Cruz, close to the Bay Area, where I have a number of properties as well as my beach home, it'll cost you at least $65,000 in government fees before you even stick a shovel in the ground (someone has to take care of all those poor homeless drug addicts!). Then you add building permits etc etc. To add insult to injury, they fix the property tax based on the total cost which includes their enormous fees! Santa Cruz was credited to be the most unaffordable place in the country to live. Small wonder! Ask Tim May. I know people there who pay $650 a month to live in a closet and no, I'm not kidding. So in a situation such as I describe, how are we going to have a collapse in real estate prices when it costs so much to replace? Don't replacement costs drag along the cost of existing dwellings? EP