[quote=scottinob]You are being very very selfish and just downright mean bearishgurl. Your theory that “If you don’t build it, they won’t come” is simplistic and wrong. (Look at San Francisco, they stopped building and people didn’t stop coming.)
I am a millennial that was born and raised in San Diego, and most of my family lives here. I would like to be able to stay here, close to my extended family. Housing costs have been increasing at alarming rate. This year my rent was jacked up $250/mo. My wife and I will have to make some hard choices if more housing supply isn’t added to the region, if you had your way I would be forced to move away from my family.
Please also think about the others around you in this city who are also just trying to get by. You’re weren’t the first one in San Diego, you’re not the only one, and despite your strongest desires: you won’t be the last one.[/quote]Scott, are you currently living in the immediate vicinity of your extended family now? Do you think you could purchase a home in the immediate vicinity of your extended family in the coming years? What about with family help? If you want to settle near them and you presently don’t live around there, why not? Millenials around me that grew up around here get help from relatives to buy a home nearby. One millenial/Gen X just “inherited” a home from her grandmother.
If builders in SD County were still out building subdivisions en masse in lizardland (assuming SD County had any buildable lizardland left), how is that going to better help you rent or buy in the immediate vicinity of your extended family?
You say your rent has gone up $250 month recently. You must be living in an area of the county where the rental market will bear such an increase. Rents don’t go up that much around here.
Real estate is all local … as in “micro area.” If you really want to live near your extended family and it is doable for someone your age (a reasonably priced area), then you should. If your extended family lives in an upscale, “luxury,” coastal (OB??) and/or $1M+ area, then you can’t … and the fact that SD County does or doesn’t have any new construction SFR tracts out in lizardland for millenial buyers to choose from isn’t going to fix this particular problemfor you. Your parents and other relatives who may be living in areas of the city/county you can’t currently afford to live in very likely didn’t buy their 1st, 2nd or even 3rd house anywhere near there. They had to start somewhere and it simply isn’t your turn yet to live there on your own. The vast majority of young people have never been able to buy a house/area comparable to their parents straight out (or a few years out) of college. They have to rent/buy where they can afford as I’m sure you are well aware.
As a SD Native, you are not a “newcomer” to SD and thus don’t fall into the category of people I was discussing here (who have no desire to drop down several notches in the type of house/area they will accept in SD due to having owned move-up and luxury homes in much cheaper markets in the US). For this newcomer group (mostly from “flyover country”), they are probably better off not taking employment here and moving here, especially if they still have minor children to raise.
To avoid as many future rent hikes as possible, scott, I’m going to suggest that you should consider saving up a downpayment to buy a SD County home you can afford ASAP …. the closer to your peeps, the better. And again, whether the county grows (or not) in the future will have no bearing whatsoever on the price or availability of homes in the (already established) immediate area (or adjacent area) of your extended family that you will shop in. And Props 13, 58 and 193 most certainly will.
