A new report shows California has the highest poverty rate in the US, alongside Louisiana, and rates have shown little improvement.
Despite the abundant wealth in the state – more billionaires live in California than anywhere else in the US – in 2024 about 7 million people, or 17.7% of residents, could not afford to cover their basic needs. In 2021, California’s poverty rate reached a historic low of 11%, but as pandemic-era policies came to an end, rates surged in the state and across the US, according to the report from the California Budget and Policy Center released last week.
But if you keep building and building it should have an effect. Empty places still have to pay property tax. I guess im just saying im fine with us push push push build more housing but yeah I like other laws with it. One thing is I would like rental to be limited for non apartment buildings where the owner does not live there and not allow apartment buildings to do airbnb as that is for hotels/motels and taxed for such.
Why would it have an effect? If we have more houses than we already need and that hasn’t fixed things, doing even more of it probably won’t either. The wealthy have a bottomless pit of money and can always invest more into real estate. This argument is not too different than trickle down economics which has been proven time and time again to be a complete farce.
I doubt we have more than we need. empty buildings are money pits. you pay taxes and upkeep and get nothing back.
They’re money pits based on what? This chart disagrees with your assessment that “you get nothing back” on real estate investments. If that were true, nobody would be doing it.
https://fred.stlouisfed.org/series/ASPUS
Eventually but the same money in the s&p500 would get you more and be less likely to lose money over your purchase price and would not lose money every year until you sell.