Vancouver’s ‘Freak Show’ Property Market
bbc – excerpt – (audio link)
Luxury Housing Development is really just Development of “Investment Properties” not Housing
Oped by a SF resident – Below is a link to a BBC show about Luxury Housing Development in Vancouver… their research showed that a lot of these properties were empty, and being used by corporate & real estate entities to hold money, and increase the “perceived value” of their properties to make a profit, which in Vancouver can be over 20% every year. This is happening is San Francisco as well… the public and our city officials should be educated more about the ruthless role that real estate equity funds play in funding all the developers of luxury housing in San Francisco. The value of these properties increase dramatically each year, and increase the assets value of real estate equity funds and mortgage and property management companies as well as all of the properties around them. Property taxes also increase, and the city makes more money. The budget of San Francisco has doubled with 10 years from 4.5 Billion to 9 Billion… (more)
Some good points. We need to find out how many empty units there are in San Francisco. We also need to be sure the “affordable units” are not trading up, and we need to track the short term rentals to be sure that they are not extending past the legal short term limits. And we really need to find out who is buying, where the money is coming from and where it is going.