The Urban Institute takes a detailed look at San Francisco's real estate market, where most home sales top $1 million, revealing that old units are far more likely to attract top dollar.
"New evidence from [Urban Institute's] data scientists, using data from the city’s Housing Inventory and Office of the Assessor-Recorder, contradicts the claim that a rise in million-dollar homes is primarily because of new construction," according to an article by Graham McDonald.
The key finding at the center of the argument: "In 2016, at the height of the million-dollar home market of the past eight years, only 10 percent of home sales worth a million dollars or more were located in new complexes."
The idea that renovated units could also be responsible for the city's high housing costs is also debunked by the data, according to Graham. "San Francisco’s building permit data show that just 2 percent of units spent at least $250,000 on a renovation or new construction project of less than 10 units, while new construction in buildings of 10 units or more represented 4 percent of the city’s units."
The conclusion to Graham is clear: primary factor driving the cost of housing in San Francisco "is that the demand for housing in the region has outstripped new supply."
FULL STORY: Luxury housing is not to blame for San Francisco’s affordable housing crisis
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In an insightful article, William Fulton unpacks the supply-demand cycle driving costs skyward in certain areas. To address the problem, new construction needs an unprecedented level of diversity.
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Manufactured Crisis: Losing the Nation’s Largest Source of Unsubsidized Affordable Housing
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Americans May Be Stuck — But Why?
Americans are moving a lot less than they once did, and that is a problem. While Yoni Applebaum, in his highly-publicized article Stuck, gets the reasons badly wrong, it's still important to ask: why are we moving so much less than before?
Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Updating LA’s Tree Rules Could Bring More Shade to Underserved Neighborhoods
A new USC study finds that relaxing Los Angeles’ outdated tree planting guidelines could significantly expand urban tree canopy and reduce shade disparities in lower-income neighborhoods, though infrastructure investments are also needed.
California's Canal Solar Projects Aim to Conserve Resources and Expand Clean Energy
California’s Project Nexus has begun generating electricity from solar panels installed over irrigation canals, with researchers and state agencies exploring statewide expansion to conserve water and boost clean energy production.
HHS Staff Cuts Gut Energy Assistance Program
The full staff of a federal program that distributes heating and cooling assistance for low-income families was laid off, jeopardizing the program’s operations.
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