The Stock Market Is Not The Economy Thread II

[synistar]

Sure it does, plenty of new buildings take advantage of density bonuses or transit-oriented development bonuses that require 10-20% of the units be "deed restricted affordable" at a certain % of area median income.

These units obviously have far more applicants than spots available and aren't advertised on normal rental markets, but they are absolutely being built and rented by low income tenants.

8 affordable units here: https://layimby.com/2022/08/apartmen...s-angeles.html

4 here: https://layimby.com/2022/02/mixed-us...s-angeles.html

34 here: https://layimby.com/2022/07/mixed-us...s-angeles.html

76 here: https://layimby.com/2022/02/high-ris...s-angeles.html

Not in Warner Center. With the Rams moving their operations there over the next few years it's only getting more expensive. That also killed a proposed 1000 rent controlled units.

[Jaybar]

LA has transit-oriented development? Is that some kind of joke I'm too urbanized to understand?

[archibaldcrane]

If you reduce "coastal urban cities" to "my tiny neighborhood in the valley" yes that is going to reduce the scope.

[archibaldcrane]

LA has transit-oriented development? Is that some kind of joke I'm too urbanized to understand?

Hey am I a joke to you?

(but yeah TOD also applies to high frequency bus line areas)

[synistar]

It's growing slowly. Warner Center has been trying to be a new city center for the West San Fernando Valley. The city had to compromise on a transit line that went from North Hollywood to Warner Center to Chatsworth (Metro G Line.) It was envisioned to be a light rail line until the Jewish groups in Sherman Oaks, Studio City, Encino, and Tarzana got angry that their walking paths to the synagogues would be blocked. So it's a dedicated bus transit line that has to stop at every damn red light and is so damn slow.

This also goes along with the city's long term plans to expand transit through the 2028 Olympics, the LAX people mover that will connect to a future Metro line. It's happening.

Course the NIMBYs around Warner Center cried about traffic. They were kinda right since the bus line hasn't done much to kill cars or have people transit to North Hollywood/Downtown via the G and B lines. But thousands of apartment units have sprung up around that bus line. More units are being developed but there is no optics that they have any low income units. But like I said, they were all minimum $2.3k 1 bedroom units.

Examples of the units built in the last 10 years: https://www.theqvariel.com/ https://www.essexapartmenthomes.com/...les/vela-on-ox https://etonwarnercenter.com/ https://www.oceanoapartments.com/ https://www.the6800.com/

[synistar]

"my tiny neighborhood in the valley" yes that is going to reduce the scope.

And you wonder why the Valley has repeatedly tried to split from Los Angeles.

[Jaybar]

Hey am I a joke to you?

(but yeah TOD also applies to high frequency bus line areas)

I joke because I used the LA transit. God awful, but nearly all of the US's mass transit systems are shit. Not convenient, safe, or frequent enough for a majority of them, and that included the LA metro.

Anyway Chicago greatly enhanced their TOD incentives to spur growth around transit routes (up to half mile from stations and bus stops) and capping parking at 1 space per 2 units, with more benefits towards affordable housing. Can't wait to jump on a project with the eTOD initiatives.

[Krandor]

BART and LA Counties systems are somewhat passable, but generally public transit systems on the west coast are all crap

[Cantih]

That L.A. map looks nice on paper.
Put it over a satellite map, and you'll see how low coverage it is.

I've ridden every rail line, and the most egregious is the south bay area, it's massive and there's no fucking coverage down there.

[archibaldcrane]

I'm not pretending it's good coverage

But there's a lot of stations around which TOD can be built

[Jaybar]

I'm not pretending it's good coverage

But there's a lot of stations around which TOD can be built

As long as people that use the train have some place useful it can take them. This is usually supported by a last-mile mode of transportation or a series of interconnecting train/bus routes. Still needs to be frequent enough as well (1 train every 10min max). Otherwise it's useless.

Edit: I know you know this Archie, just adding to the conversation for others.

[archibaldcrane]

Synistar, this should get more development pumping in the valley, it's all strip malls anyway

https://twitter.com/PatrickSiegman/s...TnhAeSM8Q&s=19

[thetruepandagod]

these housing pushers should be strung up in the vacant lots of the strip malls they are trying to destroy

[Andalusian girls]

the guy who was gifted a multi-million dollar home in the ritzy part of town by his wealthy mother being anti-housing is droll, terribly droll

Synistar, this should get more development pumping in the valley, it's all strip malls anyway

https://twitter.com/PatrickSiegman/s...TnhAeSM8Q&s=19

potentially huge override of the parochial concerns that have strangled the market. you seeing any kind of analysis for the extent to which it is estimated to increase the rate of housing production? all i got are imprecise and dubious claims by the legislators.

[synistar]

Synistar, this should get more development pumping in the valley, it's all strip malls anyway

https://twitter.com/PatrickSiegman/s...TnhAeSM8Q&s=19

This is nothing new. Most of the apartments I linked were formerly commercial/industrial properties. The area that formerly had a Tower Records and a clothing outlet now leases 1 bed apartments starting at $2850. New planned SFH starts priced at $750k minimum. It's not a problem of housing being built. It's that none of it is considered for lower/middle class families.

[Andalusian girls]

It's not a problem of housing being built.

there is a shortage of one to three million homes with housing production currently being roughly half of what it needs to be to meet demand. in any market of low supply / high demand prices begin to soar upwards, rendering homes that would otherwise provide for middle class and lower class customers out of their price range. while there does need to be more low-income, high-density housing, especially in the form of apartments, the fundamental issue is a critical supply shortage. there is not nearly enough housing being built.

[Andalusian girls]

actually it's even worse than half. Sacramento called for 180,000 units to be built per year in a ten-year window between 2015-2025 to alleviate the shortage and we have managed only 80,000 a year towards the tail end of that window.

[archibaldcrane]

This is nothing new. Most of the apartments I linked were formerly commercial/industrial properties. The area that formerly had a Tower Records and a clothing outlet now leases 1 bed apartments starting at $2850. New planned SFH starts priced at $750k minimum. It's not a problem of housing being built. It's that none of it is considered for lower/middle class families.

Any AB 2011 enabled project will have at least 15% of the units built be deed-restricted affordable.

AB 2011 would override local zoning to allow 100% affordable housing developments on properties zoned for commercial, office and parking. Mixed-income housing would be limited to properties on four-to-six-lane commercial corridors and must include at least 15% affordable units.

[archibaldcrane]

you seeing any kind of analysis for the extent to which it is estimated to increase the rate of housing production? all i got are imprecise and dubious claims by the legislators.

I am not seeing anything you aren't seeing in this respect, no

[archibaldcrane]

California going full Nordic, fast food edition

They're maybe about to establish sectoral bargaining for fast food workers.

https://twitter.com/Show_Me15/status...R8Y8u8qqQ&s=19