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Chet Boddy's avatar

The main problem is that real estate is a major investment class, larger than the global stock and bond markets combined. Affordable housing, which many claim to be a basic human right, is in direct conflict with real estate as an investment. Something which is a human right (housing, health care, education, etc.) can't be a for-profit enterprise. Also, for housing to be affordable it must be dense, within established communities, and not have value-adding amenities such as ocean views. So housing on the Noyo Headlands, for example, will never be affordable. Fort Bragg has several large lots suitable for affordable housing, but they have been kept off the market by investors. Back in 1879, economist Henry George proposed a land value tax that would encourage the development of these vacant urban parcels. He argued that private investors should not acquire the value that has been created by the public (roads, water, sewer, etc.), but only the value they created themselves by building something on the land. Another issue is water. Small community water systems would allow rural parcels to be developed without every lot having to drill their own well. Community road maintenance agreements would allow rural parcels to share the access and maintenance of private roads. There are many more issues, of course, but I think these are the main ones.

nokiddingtwo's avatar

"72 percent of vacant residential parcels are owned by individuals, trusts, or other entities with mailing addresses outside Mendocino County." I am sure close to that number of **homes** on the coast are also owned by individuals, trusts, or other entities with mailing addresses outside Mendocino County. And many inland. I looked for an affordable home for many years before I found my current home. I looked up many of the vacant homes in the county and looked up the owners and wrote some of them letters. Real estate in many areas of the US, Canada, Australia, Hong Kong, Spain etc is used as a parking place for money by the very rich. Many of these sfh and condos in cities are not lived in or rented out. It's not like the traditional vacation homes owned by families- many these units are just not being used. At all. Meanwhile many of our young people and working people are having to move away. Or live in their cars. The coast especially has a severe shortage of workers.

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