Four myths about building more housing in San Francisco
There are truths:
1. San Francisco is an unaffordable place to live for many people.
2. Surrounding cities are becoming increasingly expensive as well.
3. Space for building new housing in the Bay Area is limited.
4. The population of the Bay Area is growing.
Many people argue this combination of truths means more housing should be built, and it should be built fast.
But People, Power, Media co-founder Joseph Smooke thinks that idea is built on shaky grounds. He published this article exploring four myths about what developing housing actually does. And in this interview, he explains where he's coming from.
When you look at the value of land, the value of land is based on the amount of money that you can earn from developing that land. It's a pretty basic formula. And the more money you can make off of a parcel of land, the more valuable it's going to be. And that means once you develop one parcel of land at an increased density, the land next door to it will also increase in value.