San Diego Housing Market News and Analysis
after the pandemic???
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Submitted by phaster on December 15, 2020 - 9:24am
after skimming the news this morning and reading about the rollout of the vaccine, found some real estate related news that caught my eye
$130,000 for an 8-foot-by-8-foot shed? That’s what L.A. is paying in a bid to house the homeless
In other cities, 64-square-foot aluminum and composite sheds are being used as quick and inexpensive emergency shelter for homeless people.
Not in Los Angeles. Here, plans to employ the minimalist structures, known as “tiny homes,” have blossomed into expensive development projects with access roads, underground utilities and concrete foundations — and commensurate planning delays.
At the city’s first tiny home village, scheduled to open in January, each of the 39 closet-sized homes is costing $130,000, about 10 times what some other cities are spending. Five more villages are planned to open later.
Mayor Eric Garcetti announced the program in March, signaling that the concept of sheltering people in tiny homes, long neglected in Los Angeles, had emerged as a leading strategy in the city’s response to a federal lawsuit alleging it has done too little to get homeless people off the streets.
though I bring this up because its a reminder that even after the pandemic is over, there are still lots of big problems that remain
here in SD for example we too have a homeless problem, which as I read the tea leaves is only going to grow after the pandemic because of economic pressure
San Diego Region Projected To Lose $12.4 Billion In 2020 Due To The Pandemic
...According to the SANDAG report, which looks at the first six months following stay-at-home orders, $4.8 billion in wages were lost and more than 176,000 people in San Diego County lost their jobs. The report also found that a disproportionate impact of job losses landed on women, minorities, lower-income earners and younger employees.
Compared to March, the report found in July there were 23% fewer lower-income employees — those making less than $27,000 a year. A total of 80% of jobs lost came in the tourism, retail and education sectors.
Middle-income jobs — those earning between $27,000 and $60,000 — are down 8.5%, while high-income jobs — those earning more than $60,000 — are down just .8%. The report found that the immediate impact for low-income jobs was greater and it will likely take longer for those jobs to recover.
AND the economic pressure is only going to grow exponentially pretty much everywhere because politicians (and the bureaucracy) are essentially allowed to spend other people's money w/ little or no adverse consequences,... AND simple truth is the majority of people did not have any money to spare even before the pandemic
A $1,000 emergency would push many Americans into debt
Hundreds of thousands of people are living without a paycheck amid the longest government shutdown in history.
As a result, federal employees and contractors are digging into their retirement savings, filing for unemployment, picking up other jobs and unable to meet their rent or mortgage payments.
Most people would be in the same bind if they missed even one pay period.
Just 40 percent of Americans are able to cover an unexpected $1,000 expense, such as an emergency room visit or car repair, with their savings, according to a survey from personal finance website Bankrate.
Instead, many would put the expense on their credit card or take a personal loan. (More than 1,000 people were interviewed in early January).
those of us who own rentals and have managed to build up a stock portfolio on average have not suffered (economically) all that greatly,... I just have to wonder with all the debt in the system, how much longer this can continue
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