Is it better to buy or rent a home in the Bay Area?
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- čas přidán 29. 04. 2024
- The major differences between renting and buying homes in the Bay Area may be attributed to a low housing inventory.
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NIMBY, an acronym for the phrase "not in my back yard", is a characterization of opposition by residents to proposed infrastructure developments in their local area, as well as support for strict land use regulations.
wouldn't be a problem if the border hadn't been open so many years.
@@churblefurbles Who would build the houses and staff our hospital?
for insurance i had to add a water leak detector and change the rest
of the pipes to new pipes out to sidewalk. its an earthquake zone. so no one wants to insure earthquake prone areas and pay for all that i get it. it
cost money… but i fixed it all
and feel better for the upgrade
This is not the end of it for expensive dwellings you just have to look over at Japan and Hong Kong and some parts of crowded Europe and we are headed that way.
What is the purpose of installing an additional water line & meter? The ADU owner can simply tack on estimated water cost to the rent. It's called "utilities included". I think the purpose is to have a periodic ADU water fee in the future.
i sometimes wonder if uts worth to buy… ive had to fix and redo so many things because most houses in sf and oakland are old. mine is 101 years. i lost insurance this year and had to buy new plan. i wondered after more repairs 13k of my savings on top of 130k fixing it to move in. was it worth it? im
not in a safe area that i want to live. its just convenient location and cheap. 775k . if i rented i would have not had to repair anything and i lived where i wanted w friends … but condos were not much cheaper. 650k or more for one room but hoa 750 a month. get out of here! and that hoa
doesnt cover unexpected repairs. like a roof leak.
The issue is the homes that get fixed up are in decent areas. The areas most people can afford are to ghetto. If you had a good safe neighborhood you could imagine your family living in for generations you wouldn’t mind fixing it up. This is why the areas are run down to begin with. You don’t care about your lawn when your neighbors are stealing and making noise 24/7.
Montara water district is just doing a money grab. Aside from the one time cost, they're now getting an additional bimonthly service fee for the ADU before one drop of water is even used. Note the contractor said the requirements are that the size of the line is way bigger than needed. Duh. The bigger the pipe, the higher the bimonthly fee.
They mean it’s cheaper to rent (if you aren’t grand fathered in to affordable home ownership (like the majority of the older generation is due to prop13)). Then it’s much more affordable to own and you are also sitting on millions in equity. But besides that…
If you want to compare it like that then you should compare the grandfathered owner to an incumbent tenant in a rent-controlled unit.
@@mwatercress that could be the case in a place like sf however many cities and counties have had prop 13 since decades ago and only adopted rent control once forced to by the state during this current housing crisis like 3-5 years ago. So in many instances in California the home owner, in general older folks, has the low taxes, the high equity value, and the high return in rents.
@@BuhodePiedra But it is still more of an apples-to-apples comparison. And if you are comparing new renters to new home buyers that is also more of an apples-to-apples comparison too than what you describe. And of interest to some, the areas with the longest history with rent control are some of the areas with the worst housing crisis situation for both affordability and availability. The states the Californians are relocating to to find affordable quality house don't tend to have rent control. Some do have high property tax but not all.
@@mwatercress I completely disagree because 1) you own a home purchased around $100k that is now worth over 2.5m to4.5m etc .. or 2) you get the privilege of not being gouged in rent monthly. They are different circumstances. The renter still does not have millions in equity with a below market rate tax basis. Sure the new home owner instance does not have this.. but they had millions to buy as a new home owner in the Bay.
@@BuhodePiedra You need apples to apples comparisons. Construction cost increase at twice the CPI rate of inflation. That just about doubles the replacement cost every 10 years. If you add new impact fees in that drive market values higher. NIMBYs weaponizing CEQA have created a situation where we have been building half the units we need to keep up with demand every year. That pushes the market value of existing housing stock up with the cost of new housing stock. You don't get to come into the market today and make the decision to rent today versus purchasing 30 years ago. Just like you don't get to purchase the winning lottery ticket from 20 years ago. Some people made out well by buying their home And others lost their shirts 20 years ago.
And people wonder why homelessness is so bad and getting worse.
He should be happy that his city is requiring that. Everywhere else that is letting ADUs/Multiplexes without building the necessary piping infrastructure causes sinkholes, main breaks, clogged pipes, and most of CA is still on cast iron that rusts. Moreover, more density equates to more fire hazard and folks susceptible to the risk.
The biggest issue to affordable housing is that fact that all the funds are being embezzled for lavish parties and > $100k+ sometimes $1M + salaries of all of these nonprofits that are supposed to house folks.
One of the “largest affordable housing providers” in SF is under federal investigation due to the above.
Lastly, the regulatory boards and > 400k regulations just sucks you dry before you can even lift off such a project.
There’s great intentionality behind why California makes building challenging for the little guy, yet force taxpayers to eventually fund these Billionaire 15-minute cities.
All of the problems we face in society are completely manufactured.