Why Tokyo is the land of rising home construction but not prices - "The city had more housing starts in 2014 than the whole of England. Can Japan's capital offer lessons to other world cities?" (via) [more inside]
How Parks and Recreation Took Aim at Silicon Valley (Laura Hudson at Wired):
"Over the course of the season, Leslie remarks on how the character of the town has morphed since the arrival of Gryzzl, with juice bars, yoga studios, and pet hotels popping up across Pawnee. “Everything has changed. This town is going to be unrecognizable in 10 years,” she says wistfully. One episode revolves entirely around trying to save their perennial waffle hangout J.J.’s Diner; thanks to the surging housing market, the property has been bought out by a perfume magnate who plans to flip it for profit.[more inside]
"If that sounds reminiscent of the housing crisis that’s currently plaguing San Francisco—and displacing large numbers of long-time residents—it should. Rental prices in the tech hub city are currently in the highest the nation, with the median price of a one-bedroom apartment hovering at more than $3,400 a month. Meanwhile, local establishments like the Lexington Club (the J.J.’s Diner of lesbian bars) are getting sold to new owners."
In Many Cities, Rent Is Rising Out of Reach of Middle Class. Here's What $800 in Rent Gets You in 11 Major Cities [more inside]
I’ve recently joined the ranks of San Francisco landlords who have decided that it’s better to keep an apartment empty than to lease it to tenants. [SLNYT]
Rebecca Solnit on how Silicon Valley corporations are transforming San Francisco: I weathered the dot-com boom of the late 1990s as an observer, but I sold my apartment to a Google engineer last year and ventured out into both the rental market (for the short term) and home buying market (for the long term) with confidence that my long standing in this city and respectable finances would open a path. That confidence got crushed fast. It turned out that the competition for any apartment in San Francisco was so intense that you had to respond to the listings – all on San Francisco-based Craigslist of course, the classifieds website that whittled away newspaper ad revenue nationally – within a few hours of their posting to receive a reply from the landlord or agency. The listings for both rentals and homes for sale often mentioned their proximity to the Google or Apple bus stops. [more inside]
Is San Francisco The Brooklyn To Silicon Valley's Unbuilt Manhattan? Much has been said about how San Francisco should build up and become a new Manhattan. (Previously.) Similarly, much has been said about the utterly boring suburban sprawl that is Silicon Valley. (At least in San Jose.) The Awl's Ken Layne points out that there's a lot of underdeveloped land in between that isn't exactly virgin wilderness- and suggests making more out of it: an entire metropolis, in fact. Alexis Madrigal at The Atlantic Cities mentions that Redwood City is the neighborhood of the future. [more inside]
First the Bubble. Then the Short. Now the Long.
Some neighborhoods in Oakland are as devastated as any of the worst hit regions across America — Atlanta, Las Vegas, Phoenix. Now the morphing of the housing bust and foreclosure epidemic into a lucrative multi-billion dollar opportunity for major investors is also uncannily centered upon Oakland and the greater Bay Area, where companies flush with hedge fund cash are buying up homes by the thousands. The entire sweep of the US housing bubble, financial crisis, and foreclosure wave can therefore be told by looking at persons and companies with intimate links to Oakland and the Bay Area. What follows is one account.
A headline rivalling “Batman to leave Gotham”: “Maupin to leave San Francisco.” But before the Tales of the City author (previously) moves to Santa Fe with his husband, you can pick up Armistead Maupin’s house for a mere $1,198,000. (28 Barbary Lane is not for sale.)
Dotcom Yuppies Gone Home. As dotcoms crash and burn, real estate prices start to drop.
Who can say that's a bad thing?
Who can say that's a bad thing?