Wednesday, April 16, 2014
YOLO COUNTY NEWS
99 CENTS

Make Cannery truly affordable

By
From page A6 | December 03, 2013 | 3 Comments

As The Cannery project moves forward, I propose that the city of Davis put a cap on the resale of any single-story small homes at the site. Wildhorse Phase II built about 20 single-story homes with a square footage of 1,200. The asking price for one of those homes currently is $425,000. Unbelievable.

As I recall, those homes were to remain affordable and have a resale cap. What went awry?

I feel for the retired people of blue-collar jobs or those who were affected by the recent market downturns to their 401(k)s, and those who cannot afford but want to live near their children here.

Davis must not only build affordable housing, but retain it as well.
Andrea Glasgow
Davis

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Discussion | 3 comments

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  • Rich RifkinDecember 02, 2013 - 1:30 pm

    "I propose that the city of Davis put a cap on the resale of any single-story small homes at the site." ....... This is an idea which has been tried in the past in markets where supply is short and hence prices are especially high, making them unaffordable to many. The result? Homeowners lose all incentive to maintain their properties over time and the neighborhoods they are in suffer for it. It is much like rent control in that respect. It causes serious blight. ....... A major expense of owning a home (over the long term) is keeping it in good condition. Like any tangible asset, the house will naturally deteriorate over time. If you don't allow the homeowner to recoup his investment in upkeep, he will have no incentive to maintain his property. ......... At the same time, if the market is tight on the supply side, the homeowner will have an incentive to leave his house and rent it out. But still, by denying him all right to get a fair market price upon resale, he'll just let his renters live in a worn-down dump. ........ There are two better approaches to housing affordability. The first is encouraging much greater supply. The second is to forget the idea that low-income earners ought to be homeowners--this was the ethic which helped us get into the 2005-08 bubble--and instead encourage the construction of far more rental properties, including apartment complexes. Doing so will give lower income residents far more leverage than they have in a market with a highly restricted supply of for-rent and for-sale units.

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  • DougDecember 03, 2013 - 12:21 pm

    Thank you Rich for once again bringing clarity to an issue that most people only react to in a knee-jerk, ill informed manner.

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  • Clyde TuttleDecember 03, 2013 - 6:24 pm

    Market downturn? That was in 2008. Get your facts straight before you write a letter.

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