@michael_wiebe Nexus studies are legal documents, not economic. It’s all made up nonsense implying that people move to a place because a building gets built.
Albert Chow, one of the four "finalists" for the vacant District 4 supervisor seat, acknowledged that he "plain forgot" to file tax returns several years for his nonprofit, People of Parkside Sunset
https://t.co/vzB2Rwt4Wm
Wow, everything really is downstream of housing affordability.
This paper (long but very interesting, recommended reading) makes a compelling case that our housing crisis helps explain the rise of the degen economy and the shape of Gen Z culture.
What happens when young people stop believing they’ll ever own a home? They save less, consume more, work less, and take bigger risks. Their rate of consumption jumps 5-7%, work effort drops 1.5-2.5%, and risk-taking spikes 6-10%.
People born in the 1990s will retire with home ownership rates ~10 points lower than their parents. Many of them mentally check out of ever owning housing... and those that do end up with ~30% less wealth at retirement.
When the dream of home-ownership dies, people spend more and look for quick ways to make money... that mechanism explains so much of the last decade:
meme stocks, altcoins, levered bitcoin treasury plays, SPACs- anything with lottery-like upside becomes more appealing once the safe, slow path of home equity disappears.
Expectations drive behavior, and when home ownership stops feeling attainable, people live differently... and those shifts ripple across the whole economy.
so... lets build more housing so we can restore the wealth ladder for the next generation!
Yesterday, I spoke to San Franciscans about a potential federal deployment in our city. I said then what I have said since taking office, that keeping San Franciscans safe is my top priority.
Late last night, I received a phone call from the President of the United States. I told him the same thing I told our residents: San Francisco is on the rise. Visitors are coming back, buildings are getting leased and purchased, and workers are coming back to the office.
We have work to do, and we would welcome continued partnerships with the FBI, DEA, ATF, and U.S. Attorney to get drugs and drug dealers off our streets, but having the military and militarized immigration enforcement in our city will hinder our recovery. We appreciate that the president understands that we are the global hub for technology, and when San Francisco is strong, our country is strong.
In that conversation, the president told me clearly that he was calling off any plans for a federal deployment in San Francisco. Secretary of Homeland Security Kristi Noem reaffirmed that direction in our conversation this morning.
My team will continue to monitor the situation closely, and our city remains prepared for any scenario.
I am profoundly grateful to all the San Franciscans who came together over the last several days. Our city leaders have been united behind the goal of public safety. And our values have been on full display—this is the best of our city.