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Spokane's rate of apartment construction is particularly impressive if you compare it to national apartment permitting, which has been falling for two years at this point
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but... but... Conor Sen told me it was impossible to build more housing because interest rates!
And yet still too expensive to live there. I grew up in Seattle in the 70s. We used to make provincial jokes about Spokane. I lived a year there in 92-93. Loved it. Now, can't afford to live in either place. Ever. A permanent economic exile. Minneapolis now, until ...
does this make you update priors at all on interest rates being more dominant than regulation in terms of supply? Or do you need larger examples
Wait this says units permitted…did they mean built? Anybody know where this data is coming from?
Primarily in the 5+ unit category. Does that mean that the tax exemption for such projects was the most powerful of those reforms?
NYC rents continue to skyrocket – making living in gay male-desired neighborhoods too expensive for most of the community
At the same time as interest rates have been suppressing construction across the country
The economy is too complicated to regulate this tightly.
The best solution is to replace property taxes by a land value tax.
Property is man-made. Land isn't. Surely it's better to reward productivity than ownership of land?
That's great success. It will really be impressive if market rents decline or at least stop rising.
They needed to do something. Very depressed city when I visited last year.
I live in Spokane, and there are apartment complexes going up EVERYWHERE. One concern we have is the impact on social infrastructure that isn’t financially covered. (WA has no income tax; most local taxes are covered by property and sales tax)
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Yeah that can happen when you remove the deadweight of government regulation. Now, imagine what might happen if we removed it from areas *other than* housing. Take your time, think it through.
Wonder if ADUs and duplexes will also tick up next year with WA state zoneing law changes
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