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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (62720)	4/25/2005 4:31:20 AM
From: Elroy Jetson	Read Replies (1) \| Respond to of 74559

Today seems to be idiots delight. First we have Edward Glaeser who confuses the effects of income density on real estate price for the effects of land use zoning. Now we have a new imbecile named Thomas Sowell who has confused both the effects of income density and a real estate bubble, caused by extremely loose credit, on real estate price for the effects of land use zoning. People desperate to prove the untrue, like a drowning man, will grasp for anything in a hopeless attempt to avoid the inevitable. .

To: Maurice Winn who wrote (62720)	4/25/2005 11:35:22 PM
From: 8bits	Read Replies (1) \| Respond to of 74559

Perhaps Mr. Sowell would like to explain where 2.4 million of the Bay Area residents would get their water if San Mateo county were to eliminate it's open space: sfwater.org Also much of the open space is very hilly and prone to landslides: wrgis.wr.usgs.gov He has focused in on San Mateo county but the whole Bay Area has high prices compared to much of the rest of California: sfgate.com Note the size of San Mateo county, how much of it is prone to landslides and how much acreage is dedicated to the watershed. PS I now live in San Mateo county. I pay $850 for a one bedroom apartment with off street parking in a quiet neighborhood close to cafe's, public transit, freeways, and shopping. I moved from supposedly "more affordable" Oakland 30 miles away from a rental I had which did not have off street parking (an important issue in a city that gives out $50 tickets for "street cleaning" [moving dust around]) ) Much higher crime and generally lower quality of life. (And the schools are dramatically worse than the city where I now live..) Total increase in rental cost..? $25. Easily offset by the savings from not getting parking tickets. Also my new apartment is slightly larger. Also note that Santa Clara county which does not have nearly as much area set aside for open space generally now has higher rents on the average than San Mateo county and it's property values are quickly approaching San Mateo county's property values. Also note that Charles Schwab and Larry Ellison both live in San Mateo county and have very expensive homes so yes indeed there are some mansions in San Mateo county. Any experienced Bay Area Realtor I am sure could pick apart Mr. Sowell's arguement "Greens" running amok and jacking up the price of housing in San Mateo county. Now certainly there have been growth restrictions on residential property in the California in many of the coastal areas of California but not nearly as many restrictions on business development. The net result is that more jobs have created than there are residents nearby. This phenomenon started around the time prop 13 was put into place. Townships can collect real estate tax on business properties but do not have to spend on serivces such are fire, police, and education. THAT is the real reason that property values became skewed in Silicon Valley and the SF peninsula and much of the other hot markets of California. After residents realized what had happened they decided to shut the door on newcomers. Kind of a gated community on a more massive scale.