Entry level California home costs up 88% since 2020.

[jyoutz]

Yeah it looks like the vast majority won't pay any tax on the benefit.

People who claimed awhile back may not, but most SS benefits for people retiring today are quite a bit more than $25k/year.

 

[jyoutz]

News article also says this:
A single senior receiving the average $24,000 in annual Social Security income will see deductions exceed their taxable amount. Married seniors with a combined $48,000 in benefits will also see full exemption from federal income taxes.

If I'm reading that right (and assuming the info. is correct), if you are married and your SS income is not more than $48000, then you don't pay any tax on the SS income (regardless of how much income you have OTHER than SS). And, the $48,000 is the total SS income, as long as you are married, regardless of whether it is one or both in the couple that are on SS.

Right or wrong?

I thought it refers to total income, but if you are correct then not many would pay taxes on SS.

 

[D&D]

Because the local hotels, food, and beverage businesses have the ear of local politicians. Sports facilities bring in a lot business to those establishments and also a lot of tax revenue to the city.

Very doubtful, the winners are the franchise owners not the public forced to provide funds.

"This literature contains near-universal consensus evidence that sports venues do not generate large positive effects on local economies."

https://joeornstein.github.io/pols-4641/readings/Bradbury%20et%20al.%20-%202022%20-%20The%20impact%20of%20professional%20sports%20franchises%20and%20v.pdf

 

[D&D]

Seniors is defined as 65 and older. Us younger retirees don't see any benefit.

You're rich, you don't need it

 

[ultrarunner]

The pendulum has certain swings both ways and falling prices are the norm in many areas…

Homes down as much as half or more from peak with most area feeling the impact…

Too early to say how closely this will mirror 2009-12 meltdown…

Government services are in large part based on property taxes so downturns impact state finances and lead to creative ways to enhance revenue…

Video showing some areas I’m familiar with and what I am seeing.

 

[Torvy]

Key word here: temporary. The government giveth, and the government can taketh away.

That was a negotiating problem.

 

[Torvy]

Back to an early post on this thread...unless you financed with an ARM in a low interest market or are just wanting to buy new, higher interest rates are not a problem. They are much lower than when many of us bought our first homes.

Lots of economic errors made in the state. The geography continues to bail them out of collapse.

 

[Snobdds]

I think the housing problem, in 10 years, turns over due to demographic problems. In 10 years, most of the baby boomers will be gone. They, right now, capture over 50% of the housing stock between 1st and 2nd homes. The family formation rate is not high enough to absorb all those homes with new families. This will put massive pressure on home prices as the supply will far outweigh demand.

The biggest risk will be institutional owners that invested huge into resort style apartments. I wish I could buy sell puts with a maturity date of 10 years on those companies. Super cheap to buy out that far and the returns could be big.

Anyhoo...the entire housing unaffordability crisis will be completely opposite in 10 years...Just sit back and watch.

 

[ultrarunner]

What’s odd is my city continues to push housing above all else…

Family property has been automotive since 1942 and city says no more…

Dozens have gone to the city seeking to continue auto sales and the answer is always the same… automotive no longer allowed.

Who in their right mind would build housing on scale in Oakland when large projects languish and it takes years to work through the process?

For a very long time the headline banners shouted crisis but now with inventory increases the exodus continues… high cost of living, crime, lack of city services, problematic insurance, bans on ice equipment, etc.

 

[jyoutz]

What’s odd is my city continues to push housing above all else…

Family property has been automotive since 1942 and city says no more…

Dozens have gone to the city seeking to continue auto sales and the answer is always the same… automotive no longer allowed.

Who in their right mind would build housing on scale in Oakland when large projects languish and it takes years to work through the process?

For a very long time the headline banners shouted crisis but now with inventory increases the exodus continues… high cost of living, crime, lack of city services, problematic insurance, bans on ice equipment, etc.

What is automotive property?

 

[ultrarunner]

Zoning describes automotive prohibition as anything related to sales, storage, rental and/or service including parts.

The property is fenced and lit with monument sign, sales offices, detail area, etc.

It was leased to a city and state licensed auto dealer until zoning gave notice with 90 days to close… citing use no longer consistent with revised zoning.

The dealer has two locations and decided not worth the effort and cost to appeal as for the interim the vehicles would need to be removed pending possible approval.

New zoning provides extended height limit, density bonus for transit corridor and reduced to no required onsite parking.

I can fill the property with cars but no one vehicle can be onsite in excess of 72 hours… and this is why it can no longer be sales.

I thought about a modular duplex but planing came back no as any acceptable proposal would need density.

A friend had a carpet warehouse and faced the same when he wanted to retire and sell the business… city said can’t transfer and wants to see housing…

Friend sold at big discount to a city tied developer who transformed warehouse to live work space.

There was a time when the city actively wanted to attract business tax revenue but now the focus is housing…

In 2021 property was valued at 1.2m with no shortage of unsolicited inquires.

4 years later stripped of automotive use the property is max maybe 400k with 12-18 month escrow for the entitlement process to play out.

No builder is going to buy until the city green lights the proposed project in writing…

 

[kenmbz]

Housing means developers, which means permits and kickbacks.
People are happy because they don't understand the connection.

 

[ultrarunner]

When I look around I see a lot of vacant commercial space…

A friend was over and asked if there is a nearby Starbucks or another coffee shop nearby and I had to say no, they have all left the area… even Walmart and the new drug stores closed and Home Depot says it will be closing but not official.

 

[Torvy]

Sorry, man. Economic laws cannot be ignored, no matter how much they hurt people's feelings.

 

[ruffdog]

News article also says this:
A single senior receiving the average $24,000 in annual Social Security income will see deductions exceed their taxable amount. Married seniors with a combined $48,000 in benefits will also see full exemption from federal income taxes.

If I'm reading that right (and assuming the info. is correct), if you are married and your SS income is not more than $48000, then you don't pay any tax on the SS income (regardless of how much income you have OTHER than SS). And, the $48,000 is the total SS income, as long as you are married, regardless of whether it is one or both in the couple that are on SS.

Right or wrong?

Wrong.....the 75k and 150k limits to get the 6k senior bonus include other income too.

• Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

One Big Beautiful Bill Act: Tax deductions for working Americans and seniors | Internal Revenue Service

 

[ruffdog]

In some regions, the housing prices are dropping.

Home prices are dropping in some regions of the U.S. Here's where.

 

[ultrarunner]

Sorry, man. Economic laws cannot be ignored, no matter how much they hurt people's feelings.

In and Out was the first franchise location ever closed and the Franchise was never not profitable… it remained very popular and a destination.

The reason it closed is because employee and patrons vehicle break ins… several every day and the Franchise decided there is more to business than economics…

Ive never viewed planning/zoning as Economic… more of not in my backyard is the image that comes to mind.

City planners in the name of pushing housing traded an auto dealer with auto dealer sales tax plus city gross receipts tax for a fenced, paved unoccupied parcel generating zero income for city coffers.

Vibrant commerce is essential to most successful cities…

Instead we push below market housing with special carve outs and zoning changes for added density and foregoing all parking… and those resident must travel to other cities to shop… if the buses are running.

 

[D&D]

City planners in the name of pushing housing traded an auto dealer with auto dealer sales tax plus city gross receipts tax for a fenced, paved unoccupied parcel generating zero income for city coffers.

Vibrant commerce is essential to most successful cities…

well, how large is that fenced, paved unoccupied parcel? How many housing units can it accommodate?
City planners, IMO, are feeding themselves. More rooftops, more people, more government services needed. More staff means more supervision, larger the pool gets the more salary they deserve and the higher your taxes go.
Of course that opinion neglects any forms of kickback deals the developers may make with the local government officials.

 

[ultrarunner]

With the configuration architects opinion is max 30+/-

I don’t see it myself but this is what happens when zoning changes to commercial transit corridor and height limits increase…

A nearby 5 story recently completed on the grounds of a formally old tire shop had height restrictions waived…

The builder is in dire straights… years of planning with ground breaking January 2020 only to be halted 6 weeks later due to Covid.

That project remains vacant…

Prospects that I have spoken with say income limits apply and no resident parking eliminate many.

 

[ponytug]

In and Out was the first franchise location ever closed and the Franchise was never not profitable… it remained very popular and a destination.

The reason it closed is because employee and patrons vehicle break ins… several every day and the Franchise decided there is more to business than economics…

Ive never viewed planning/zoning as Economic… more of not in my backyard is the image that comes to mind.

City planners in the name of pushing housing traded an auto dealer with auto dealer sales tax plus city gross receipts tax for a fenced, paved unoccupied parcel generating zero income for city coffers.

Vibrant commerce is essential to most successful cities…

Instead we push below market housing with special carve outs and zoning changes for added density and foregoing all parking… and those resident must travel to other cities to shop… if the buses are running.

Nothing against your city personally, but I think that the data speaks for itself on how dysfunctional a state the city has gotten itself into, as your various examples aptly illustrate. New York City and Detroit came back, so I guess I have some hope, but I sure as heck don't know in terms of process how to improve things there myself.

All the best,

Peter