[quote=livinincali]. . . There’s 10’s of thousands of people in San Diego that live in a house they couldn’t afford to buy at today’s prices. When they die those homes will rent or be purchased by something affordable for the middle income of that area. The house in Mira Mesa that is occupied by an aging boomer who bought it 30 to 40 years ago on a military salary will eventually be occupied by somebody else.[/quote]With props 58 and 193 still on the books in CA, that “somebody else” will more than likely be occupied by the “aging boomer’s” child or grandchild. Why not, when the “aging boomer’s” ultra-low tax assessment can be passed down into perpetuity? They (and their heirs) would be fools to sell. Hence the low, low SFR inventory we in almost every single well-established community in the entire state!
Millenials (with no “aging parent/grandparent-homeowner living in the state) don’t care about this anyway. The vast majority of them want “newer” construction for their first home (high MR/HOA dues be damned). They don’t want an “old person’s” ’70’s “open concept” MM home with sparkly acoustical ceilings and few walls (pun intended). They just want “new” or “newer” because they can have it in SD County! This is so because SD City/County officials sold their longtime “constituents” down the river in approving a breathtaking amount of subdivision permits over the past 29 years (this has been most pronounced since 2003). These horribly unwise actions by our elected officials have severely adversely affected the quality of life for ALL residents of SD County.
Millenial prospective homebuyers have no choice in LA County as well as in at least five bay area counties. They must buy what is on offer (older home or even very old home), pay exorbitant rent closer to work or buy a home so far away from work that the commute severely impacts their daily lives for the worse. This is due to few to zero CFD’s being formed since the inception of the Mello Roos CFD Act (1982) due to their city/county officials electing to take their responsibilities as wise stewards of their constituents’ environments very seriously. As it should be.
Millenial homebuyers are “spoiled” in SD County with a HUGE selection of suburban and exurban newer construction tracts to choose available listings from. There are far more listings in these tracts than there will ever be in the established communities in SD best locations (Del Mar incl). The sole reason for this is the presence of Props 13, 58 and 193 on CA’s books, plain and simple.
Within the past ~2 months, two more of my “neighbors” (60-something “boomers”) just inherited another neighborhood home (one each) and promptly moved their (renting) kids (and their families) into the homes. Nothing will change in this regard until such time as CA voters have the will to ask our Legislature to repeal Props 58 and 193 and that likely won’t happen until h@ll freezes over :=0
CA coastal counties were never meant to have available inventory for first-time homebuyers …. at least not in the most desirable locations closer to the coast. This will never change, even IF Props 13, 58 and/or 193 are ever successfully repealed.
