The housing market is truly a worst of all worlds for all. Lower prices which are bad for homeowners, higher rents that are bad for renters, high mortgage rates that make houses wildly unaffordable for would be buyers. As usual, only Wall Street ghouls will benefit.
Tracy Alloway @tracyalloway
5 Oct 2022
Morgan Stanley: "Housing affordability is deteriorating faster than at any point in our data history." Which means that so far, higher mortgage rates are offsetting any softening in home prices...
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Replying to @krystalball
75% of homeless population in San Francisco were previously renters for whom the bottom fell out completely when rents became too high.

Oct 5, 2022 · 3:28 PM UTC

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Replying to @marwilliamson @krystalball
What about the role of RE developers? They tie up limited number of construction workers with their projects building mid-6 figure and above units. Profit over people.
Replying to @marwilliamson @krystalball
A created disaster. Based on greed.
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Replying to @marwilliamson @krystalball
That's a failed city, as well as a colony for Silicon Valley. Guess those 75% were like the natives economically wiped out by the raw material withdrawal industries that were imposed on historical colonies, when they weren't being wiped out physically that is.
Replying to @marwilliamson @krystalball
SF is like a lab experiment where the rubber meets the road for income inequality
Replying to @marwilliamson @krystalball
SF and LA need to get rid of their ridiculous restrictions on building new homes.
Replying to @marwilliamson @krystalball
Rents didn't become too high by themselves. Landlords raised them.
Replying to @marwilliamson @krystalball
This is outeight made up, there is a PIT survey where they ask every homeless person in SF, and only 13% said eviction in 2019, while SF rents had their biggest drop in 2020...
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