Los Angeles is quickly becoming a place exclusively for the white and rich

[hashmander]

oh and this property tax increases pricing old retired homeowners out of their home doesn't fly in california because of prop 13. that pretty much incentives keeping it in the family because prop 13 makes it about how long you've owned your home and not the value of your house and only increases when it's sold. it's the homeowner version of rent control.

 

[Reece]

so having $1.25M in equity will kill you. hit the lotto and not realize it breh.

That's only IF you can sell it. Nobody is paying $1.25M for a 3 bedroom house just because it's in SF. That house will sit on the market for 2-3 years while your pockets quickly become

 

[hashmander]

That's only IF you can sell it. Nobody is paying $1.25M for a 3 bedroom house just because it's in SF. That house will sit on the market for 2-3 years while your pockets quickly become

no what i described is the opposite of selling. if it's appraised by a bank at $1.5m and you owe $200k then you have 1.5m minus 200k available in HELOC or if you refinance 80% of $1.5m minus $200k about a million in equity, $1.2m if it's paid off.

and yes people are paying $1.25m for a 3BR in SF, the median sales price for a 3BR in SF is $1.6m.

also like i said in my previous post prop 13 protects someone who has been in their house long enough for them to have bought it for a low enough price that they could see it climb to 1.5m and owe little or nothing. so their property taxes wouldn't be going up with the market, they would be paying taxes today on the amount they bought it back then. that bit about increased taxes was in reference to a side discussion on DC.

 

[pete clemenza]

Yea shyts getting crazy out here

White population where I live has skyrocketed. Seeing more police and cafe's open up the last couple years. They're currently doing construction for luxury apartments too

What part of LA you in?

 

[pete clemenza]

Why don't we just build more homes then if that's the case so the burden of property tax can be shared amongst better is that how it works?

I read somewhere that the residents of Marin County absolutely hate creating new property, especially affordable housing, which they're trying to prevent but I feel that more homes would collectively lower property tax among everybody or maybe im not sure how it works

More than likely they don't want overcrowding plus the words "affordable housing" being built next to existing homeowners scares them- they believe that it means a bad element(black n brown) will move into their neighborhoods and lower the quality of life, their schools, and their property values. These types are usually dubbed the term NIMBY's.. which stands for 'Not In My BackYard'- as in "you're not going to build affordable housing, an apartment building, etc in our beautiful neighborhood and ruin our property values.

 

[Aba_juggin]

More than likely they don't want overcrowding plus the words "affordable housing" being built next to existing homeowners scares them- they believe that it means a bad element(black n brown) will move into their neighborhoods and lower the quality of life, their schools, and their property values. These types are usually dubbed the term NIMBY's.. which stands for 'Not In My BackYard'- as in "you're not going to build affordable housing, an apartment building, etc in our beautiful neighborhood and ruin our property values.

That's the vibe I got.

 

[hashmander]

also new housing stock depreciates the value of existing homes, so for selfish reasons people who already own a home prefer there to be less of them available: supply and demand. and some just don't care for new growth and would prefer the population stay about where it is.

 

[dora_da_destroyer]

on one hand, gentrification is a bytch for all the obvious, but as a person who bought in a transitioning neighborhood, i get frustrated by the negligence original homeowners and investors (moreso old ownership - like someone who bought the property 15+ years ago) show to their property and the neighborhood, i also get annoyed by the element that's in these neighborhoods. i'm like why can't we live here and at least be respectful of people and their property...be a community, damn? that shyt ends up making you happy some yuppie (or buppie) is coming in to buy up shyt, at least you know they're looking to improve it (and the area).


edit: also cities are on some fukk shyt approving damn near nothing but luxury developments and buildings - like could yall cut breaks for cats who want to develop bare bones housing - like condos or apartments with basic materials a finishes so they're affordable to average residents. let people upgrade their own shyt if they want. people get priced out out the gate cuz you got heated floors in a damn condo in california where on the most rare and coldest night it might dip into the high 30's

 

[dora_da_destroyer]

That's only IF you can sell it. Nobody is paying $1.25M for a 3 bedroom house just because it's in SF. That house will sit on the market for 2-3 years while your pockets quickly become

my nikka, 1300 sq ft homes on main thoroughfares near the hood in oakland are selling for $800k - $1M


4711 West St, Oakland, CA 94608 - 4 beds/2 baths

 

[hashmander]

my nikka, 1300 sq ft homes on main thoroughfares near the hood in oakland are selling for $800k - $1M


4711 West St, Oakland, CA 94608 - 4 beds/2 baths

i can just imagine how that looked in the 80's.

 

[Serious]

my nikka, 1300 sq ft homes on main thoroughfares near the hood in oakland are selling for $800k - $1M


4711 West St, Oakland, CA 94608 - 4 beds/2 baths

fukk that......

Unless im a billionaire and thats right across the street from my job, so i dont have to deal with traffic on the way home.....

 

[AB Ziggy]

sense

on one hand, gentrification is a bytch for all the obvious, but as a person who bought in a transitioning neighborhood, i get frustrated by the negligence original homeowners and investors (moreso old ownership - like someone who bought the property 15+ years ago) show to their property and the neighborhood, i also get annoyed by the element that's in these neighborhoods. i'm like why can't we live here and at least be respectful of people and their property...be a community, damn? that shyt ends up making you happy some yuppie (or buppie) is coming in to buy up shyt, at least you know they're looking to improve it (and the area).


edit: also cities are on some fukk shyt approving damn near nothing but luxury developments and buildings - like could yall cut breaks for cats who want to develop bare bones housing - like condos or apartments with basic materials a finishes so they're affordable to average residents. let people upgrade their own shyt if they want. people get priced out out the gate cuz you got heated floors in a damn condo in california where on the most rare and coldest night it might dip into the high 30's

Luxury developments a lot of the time are used by foreigners with big money to spend and park and cities know this. That's why they get approved to build with little resistance. They know there's only a limited number of paying people willing to pay $3500 a month in a high end building surrounded by fukkery.

 

[Aba_juggin]

my nikka, 1300 sq ft homes on main thoroughfares near the hood in oakland are selling for $800k - $1M


4711 West St, Oakland, CA 94608 - 4 beds/2 baths

Woooooowww a mill for a house in oakland. I'm done. This is getting ridiculous. How much money do you have to make to justify paying that amount

 

[dora_da_destroyer]

Woooooowww a mill for a house in oakland. I'm done. This is getting ridiculous. How much money do you have to make to justify paying that amount

Oakland always had - well at least since the late 90's - million dollar homes, but they were in exclusive neighborhoods or luxury homes up in the hills with drop dead views, but this shyt here!? For the past ~3 years prices have been going nuts, homes in basic neighborhoods (at least throughout north Oakland and parts of west Oakland) are 600+ (700 and up if you're looking for something already renovated).

 

[re'up]

My sister lives in Oakland, and I was up there this summer, I spent the first 5 days in an AirBB up the street from Lake Merrit, the houses were incredible, as you got further and further up. She lives off like W 54th, whole different neighborhood. But, downtown Oakland is gentrifying FAST from what I saw.