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Realistbear

New Affordable Housing In California To Help Low Paid

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http://uk.news.yahoo.com/14082006/323/sant...le-housing.html

Santa Barbara to offer half-million dollar 'affordable' housing
AFP Monday August 14, 09:39 PM
LOS ANGELES (AFP) - The seaside southern California city of Santa Barbara plans to subsidize the building of "affordable" urban condominiums that will cost half a million dollars, officials said.
The project would allow families earning up to 160,000 dollars annually to buy into a 48-unit building to be built a short walk from the Pacific Ocean.
"This is truly not our normal involvement," Santa Barbara Housing Authority Executive Director, Robert Pearson told AFP. "With over 3,000 units in the City of Santa Barbara, most of our work is with the poor."

The world has gone mad, completely mad. :blink:

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What exactly is a condominium? Is it just another name for a house? They do like to create words where perfectly good ones are already in place.

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What exactly is a condominium? Is it just another name for a house? They do like to create words where perfectly good ones are already in place.

The association to whom you pay a monthly charge "owns" the outside walls and common grounds. You essentially pay for the interior living space. THey are like townhouses--usually attached. A legal invention to set up associations to cover maintenance, roofs, swiming pools etc.

THinking about it $500k is not much compared with the rubbish you would get here for £275k. A grim flat in Peckham overlooking the gasworks as opposed to a crystal clear view of the Pacific, sunsets, palm trees. I think SB is near where they filmed Baywatch.

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The association to whom you pay a monthly charge "owns" the outside walls and common grounds. You essentially pay for the interior living space. THey are like townhouses--usually attached. A legal invention to set up associations to cover maintenance, roofs, swiming pools etc.

THinking about it $500k is not much compared with the rubbish you would get here for £275k. A grim flat in Peckham overlooking the gasworks as opposed to a crystal clear view of the Pacific, sunsets, palm trees. I think SB is near where they filmed Baywatch.

I thought they filmed that further south in Huntington Beach.

This is ridiculous, $160k even in CA is a good salary, not low paid. Even where I am in the Bay Area, similar prices to SB, $160k for a couple is decent. For an individual it's very high. $160k is what you could see a senior engineer in a hi-tech company married to a teacher bringing in.

Condos are like apartment buildings with a management group that charges you $400+ a month to mow the lawns and tell you what you can and can't paint your place. They are regarded here as choices for renters, retirees, and those who are trying to get on the housing ladder. Cheap and easy to build, sell like hotcakes in the boom times, first to plummet in price when things get tight.

Affordable housing is a misnomer - any time the government pumps in money to the housing market in any form, all it does is raise prices. Give everyone $500k to buy a house, and house prices go up instantly by $505k. Solution is really solid lending standards, and consistent job and wage growth that are above inflation (i.e. real money growth, something neither the US nor UK has seen this millenium).

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I thought they filmed that further south in Huntington Beach.

This is ridiculous, $160k even in CA is a good salary, not low paid. Even where I am in the Bay Area, similar prices to SB, $160k for a couple is decent. For an individual it's very high. $160k is what you could see a senior engineer in a hi-tech company married to a teacher bringing in.

Condos are like apartment buildings with a management group that charges you $400+ a month to mow the lawns and tell you what you can and can't paint your place. They are regarded here as choices for renters, retirees, and those who are trying to get on the housing ladder. Cheap and easy to build, sell like hotcakes in the boom times, first to plummet in price when things get tight.

Affordable housing is a misnomer - any time the government pumps in money to the housing market in any form, all it does is raise prices. Give everyone $500k to buy a house, and house prices go up instantly by $505k. Solution is really solid lending standards, and consistent job and wage growth that are above inflation (i.e. real money growth, something neither the US nor UK has seen this millenium).

I left San Diego last year to move back to the UK and tasted the madness down south. I agree, the government have pumped this market up with accomodative IR that have created "froth" as Al put it. San Diego is in trouble with Condos tanking and the first YoY negative in June. It was a shock to the homeowners used to double digit INCREASES every year for 5 years.

I see CA and the UK as broadly similar and we both went down in 1989 and remined down until 1996. This time its different because of the higher level of creative financing. SD County had over 80% of homes bought with a funny loan in the last 2 years of the run up. When the crash comes it will be deeper and longer than the Great Crash of '89 IMO. We are about 6 months behind San Diego and will start to see some real falls accoorss the entire country later this year.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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