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Thread: Oakland rent index surpasses $3k

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    Default Oakland rent index surpasses $3k

    1) Who would have ever thought you'd see these prices in Oakland

    2) This is the definition of a bubble

    3) This is what happens when you don't build new housing




    For the first time, Zillow's Oakland rent index surpasses $3k


    In September 2016, the rental score (which includes listing prices of all homes, not just studios) hit $3,003 a month, up 70.9 percent from $1,757 in January 2013.
    Oakland Takes Steps To Ease City's Housing Crisis

    Rent indices, per the Financial Times, are measures of the level of rents in a geographic area over time. They're not always the most accurate form of measurement, but Zillow's methodology attempts to subvert calculation errors by basing their index scores on "proprietary statistical and machine learning models" that since 2010 have kept watch on rental listings and learned the values of various attributes of each home to predict the "prevailing" rent.

    The news comes at a time where East Bay housing affordability advocates are pushing for support of Measure KK on this November's ballot in Oakland. The measure would provide a budget for protecting long-term Oakland residents at risk of displacement, including veterans, seniors, and those with disabilities.*

    Per Zillow, house values in Oakland have also increased dramatically. The average home in the city now costs more than $620,000, which is double what it was in 2012.*


    http://www.sfgate.com/realestate/art...k-10067009.php

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    Yeah, liberal, "progressive" lawmakers have really hit their people hard. I've have been reading about this recently but haven't re-found an article I wanted to post in response but this one will do. From https://bdmag.com/extraordinary-deve...-construction/ The article I wanted to re-find dealt specifically how California's lawmakers fucked it up and why, I'll keep looking.

    California
    Building and impact fees now exceed $120,000 per home in some Bay Area municipalities.
    $6,000+ per house in new greenhouse-gas fees and other green requirements
    $1,000–$3,000 per house for drought tolerant landscaping
    $5,000 for on-lot water retention requirements in certain cities.
    $4,000–$8,000 per house in additional city fees over the last 10 years, with studies underway to raise them $20,000+ per house
    Costs have increased due to the installation of reclaimed water lines, even if reclaimed water is not available.
    Fucking liberals.

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    I actually posted an article on impact fees last week. As the article stated that and zoning laws are almost like a 2016 version of Jim Crow

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    Quote Originally Posted by Football Jersey View Post
    So, you basically have a city with overclass rental and mortgage rates, accompanied by section 8 housing. This is also happening in Seattle.
    Oakland's getting gentrified by the spillover from SF. But yes, your comment is not far off

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    Quote Originally Posted by cawacko View Post
    1) Who would have ever thought you'd see these prices in Oakland

    2) This is the definition of a bubble

    3) This is what happens when you don't build new housing




    For the first time, Zillow's Oakland rent index surpasses $3k


    In September 2016, the rental score (which includes listing prices of all homes, not just studios) hit $3,003 a month, up 70.9 percent from $1,757 in January 2013.
    Oakland Takes Steps To Ease City's Housing Crisis

    Rent indices, per the Financial Times, are measures of the level of rents in a geographic area over time. They're not always the most accurate form of measurement, but Zillow's methodology attempts to subvert calculation errors by basing their index scores on "proprietary statistical and machine learning models" that since 2010 have kept watch on rental listings and learned the values of various attributes of each home to predict the "prevailing" rent.

    The news comes at a time where East Bay housing affordability advocates are pushing for support of Measure KK on this November's ballot in Oakland. The measure would provide a budget for protecting long-term Oakland residents at risk of displacement, including veterans, seniors, and those with disabilities.*

    Per Zillow, house values in Oakland have also increased dramatically. The average home in the city now costs more than $620,000, which is double what it was in 2012.*


    http://www.sfgate.com/realestate/art...k-10067009.php
    its pretty much like those bills criminalizing the homeless for begging within 20 ft of an atm and the new one i posted where the police is allowed to destroy thier tents.

    Our tolerant libs dont want to live next to poor people nor do they want to see them. They just want to pretend to care about them for election purposes
    is on twitter @realtsuke

    https://tsukesthoughts.wordpress.com/

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    Quote Originally Posted by cawacko View Post
    In September 2016, the rental score (which includes listing prices of all homes, not just studios) hit $3,003 a month
    holy crap.....

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    80miles away you can rent a house over 2,000 sq feet for half that...
    "There is no question former President Trump bears moral responsibility. His supporters stormed the Capitol because of the unhinged falsehoods he shouted into the world’s largest megaphone," McConnell wrote. "His behavior during and after the chaos was also unconscionable, from attacking Vice President Mike Pence during the riot to praising the criminals after it ended."



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    Quote Originally Posted by cawacko View Post
    1) Who would have ever thought you'd see these prices in Oakland

    2) This is the definition of a bubble

    3) This is what happens when you don't build new housing




    For the first time, Zillow's Oakland rent index surpasses $3k


    In September 2016, the rental score (which includes listing prices of all homes, not just studios) hit $3,003 a month, up 70.9 percent from $1,757 in January 2013.
    Oakland Takes Steps To Ease City's Housing Crisis

    Rent indices, per the Financial Times, are measures of the level of rents in a geographic area over time. They're not always the most accurate form of measurement, but Zillow's methodology attempts to subvert calculation errors by basing their index scores on "proprietary statistical and machine learning models" that since 2010 have kept watch on rental listings and learned the values of various attributes of each home to predict the "prevailing" rent.

    The news comes at a time where East Bay housing affordability advocates are pushing for support of Measure KK on this November's ballot in Oakland. The measure would provide a budget for protecting long-term Oakland residents at risk of displacement, including veterans, seniors, and those with disabilities.*

    Per Zillow, house values in Oakland have also increased dramatically. The average home in the city now costs more than $620,000, which is double what it was in 2012.*


    http://www.sfgate.com/realestate/art...k-10067009.php
    I don't think it's a bubble. I think it's supply and demand that will stay in place for some time to come. If the building starts took off with wild speculation, and continued as long as money was easy, that might create a bubble.

    $3k gets you a walk in closet in NYC. Rent control has been in place for decades, which doesn't seem fair to landlords.
    Once in a while you get shown the light, in the strangest of places if you look at it right.

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    Quote Originally Posted by Althea View Post
    I don't think it's a bubble. I think it's supply and demand that will stay in place for some time to come. If the building starts took off with wild speculation, and continued as long as money was easy, that might create a bubble.

    $3k gets you a walk in closet in NYC. Rent control has been in place for decades, which doesn't seem fair to landlords.
    How familiar are you with the Bay Area market? We have big booms and busts here and Oakland is still Oakland. We have lots of overseas investors and lots of young people who are not afraid to leave when the market turns as they did after the first dot com bust.

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    Quote Originally Posted by cawacko View Post
    I actually posted an article on impact fees last week. As the article stated that and zoning laws are almost like a 2016 version of Jim Crow
    Oh it's all about water in California. Your talking about a State with a largely dessert ecology (less than 10" rain per year). How is it that such an ecology is supposed to support 40 million people with out rising costs? I mean it's funny to listen to free market fundamentalist blame liberals for demand outstripping resources. Particularly one of the most important, water.
    You're Never Alone With A Schizophrenic!

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    Quote Originally Posted by Bill View Post
    80miles away you can rent a house over 2,000 sq feet for half that...
    Yeah but try getting a job in the tech industry in that area.
    "Do not think that I came to bring peace... I did not come to bring peace, but a sword." - Matthew 10:34

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    Quote Originally Posted by Mott the Hoople View Post
    Oh it's all about water in California. Your talking about a State with a largely dessert ecology (less than 10" rain per year). How is it that such an ecology is supposed to support 40 million people with out rising costs? I mean it's funny to listen to free market fundamentalist blame liberals for demand outstripping resources. Particularly one of the most important, water.
    Ok. Working in real estate and living in California for 30 years you never hear anyone say the cost of housing is so expensive here because of water. But someone from Ohio knows what we don't?

    We don't not build here because of water Mott. That's not the issue. I understand being a liberal you are more likely to be defensive when liberals get blamed but it's what is going on here. I've posted about it numerous times. When people and groups abuse the CEQA law and can block almost any and all development or stretch out its approval time costs go up and it makes what housing that can be built even more expensive.

    We have an extreme form on Nimbyism here and one doesn't have to be a "free market fundamentalist" to understand that when you don't build enough to meet the demand prices are going to rise. The issue people vote to disallow new development then complain about prices as if they have no clue the consequences of their actions.

    Look at a state like Texas with its lax zoning laws and encouragement to build. It has very affordable housing because when prices start to rise developers build more housing.

    Like I said, I own my condo so I benefit from the lack of development here. But I also don't want to live in a City that is basically all rich and poor and people in the middle all priced out and that's where we are headed.

    So no Mott, water is not the issue here.

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    You know, the two largest companies in the world by market cap are Apple and Google, and they're both based in the area. There's a lot of money around there.
    "Do not think that I came to bring peace... I did not come to bring peace, but a sword." - Matthew 10:34

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