The Stock Market Is Not The Economy Thread II

[archibaldcrane]

https://twitter.com/byHeatherLong/st...XL3yhrqdg&s=19

[archibaldcrane]

Bidenomics didn't just fix the COVID slump

It fixed the GFC

https://twitter.com/Wertwhile/status...2C7LBnYvg&s=19

[Ayn]

Biden boom?

[zoobernut]

Now if only Biden could fix the fucked up housing market. Interest rates are still sky high but house prices are still 200-300% higher than they were two years ago.

[Jaybar]

Ban NIMBYs.

[zoobernut]

Ban NIMBYs.

Lower mortgage interest rates, build more houses, reduce permit costs, stop corporate and business ownership of residential homes, ban vrbo and airbnb and other vacation rentals, remove barriers for construction of new homes from both private parties and developers.

[Krandor]

I'm sure the governments of the US and Canada will get right on that.

[zoobernut]

I'm sure the governments of the US and Canada will get right on that.

I am sure. They seem really concerned about the housing issue for the average person.

[Andalusian girls]

Sacramento at least has been desperately trying to get more housing in state but have been stymied at every turn by local governments, the infighting is getting especially nasty of late. the culture of NIMBYism that has destroyed the housing market in this state and engendered a crisis of homelessness and housing affordability is truly impressive.

https://www.politico.com/newsletters...using-00108707

At least 110 mayors and members of city councils have mobilized into a coalition aiming to take a sledgehammer to the state’s efforts to force local governments to approve more multi-family housing.

Our Neighborhood Voices is collecting signatures for a ballot initiative that would kneecap housing legislation by giving cities and counties wide latitude to sidestep California housing law if it conflicts with local land use and zoning rules... It’s a direct challenge to Gov. Gavin Newsom, who signed the legislation and has pushed reluctant cities to build more multi-family housing.

[archibaldcrane]

On that point, Kevin Erdmann was cooking in this thread. https://twitter.com/KAErdmann/status...SkoQw_tmg&s=19

A permanent ~50% reduction in yearly capital investment in residential construction relative to GDP since the great recession is the root of the housing nightmares all around us.

[archibaldcrane]

No help on the horizon either

Fewer multifamily projects have broken ground this year from Seattle to San Diego in one of the slowest starts to apartment construction in a decade. In San Jose, no apartments have broken ground after more than 7,000 started construction last year. In Seattle, 3,433 apartments started building in the first six months, a drop of nearly 60% from the same time last year.

https://www.costar.com/article/14274...rsening-crisis

[Andalusian girls]

u got something beyond a twitter thread delving into theory as to why capital investment has collapsed dear archibald

[archibaldcrane]

u got something beyond a twitter thread delving into theory as to why capital investment has collapsed dear archibald

Erdmann has you there too, along with a different look at the housing collapse and its relationship to the GFC.

https://www.mercatus.org/research/bo...n-housing-boom

I should probably read his book sometime.

[archibaldcrane]

Tl:dr too tight lending standards after the GFC and too restrictive zoning in places that command the highest rents (and therefore where capital would want to flow into, but can't)

[archibaldcrane]

And of course over the past year, high interest rates

[Spicyryan]

Now if only Biden could fix the fucked up housing market. Interest rates are still sky high but house prices are still 200-300% higher than they were two years ago.

Comrade Biden with the housing as a right initiative. Please look forward to it. Right after he stops increasing the military budget.

[Andalusian girls]

Erdmann has you there too, along with a different look at the housing collapse and its relationship to the GFC.

https://www.mercatus.org/research/bo...n-housing-boom

I should probably read his book sometime.

eres un príncipe

[thetruepandagod]

Sacramento at least has been desperately trying to get more housing in state but have been stymied at every turn by local governments, the infighting is getting especially nasty of late. the culture of NIMBYism that has destroyed the housing market in this state and engendered a crisis of homelessness and housing affordability is truly impressive.

https://www.politico.com/newsletters...using-00108707

neighbors spent last 2yrs and 20k on trying to get through permitting for an ADU, thought they had a break through when i saw notice of development sign at top of the driveway. alas the city turned it down yet again and now they will simply go the illegal permit free route that i too hope to follow

[archibaldcrane]

neighbors spent last 2yrs and 20k on trying to get through permitting for an ADU, thought they had a break through when i saw notice of development sign at top of the driveway. alas the city turned it down yet again and now they will simply go the illegal permit free route that i too hope to follow

What city?

[thetruepandagod]

u know what city im in fella. santa barbara