After years of dithering and hoping the problem would go away, California is finally taking steps to address its housing crisis. In 2017 the state passed a series of bills designed to encourage the construction of new affordable housing - streamlining the regulatory approval process, providing more state funding and cracking down on local governments that fall short of their housing goals. Now, state senator Scott Wiener is pushing a new more aggressive package of legislation.
The most dramatic change Mr Weiner would make, which is similar to a parallel effort in the state assembly, would be to force cities to allow dense housing development near public transit. This is a great idea to help poor Californians, since lower-income people are more likely to use transit, and are the ones suffering the most from the housing shortage. Sadly, the bill is already encountering opposition from homeowners’ groups, which are no doubt eager to push up their property values. It is also receiving pushback from the Sierra Club, which offered the tortured rationale that allowing dense housing near public transit would cause political support for transit to drop. Other opponents claim that allowing new development would raise rents - a dubious assertion that is theoretically possible, but highly unlikely.
This opposition shows what an uphill battle it will be to get dense housing in California. That’s a shame, because density, combined with efficient public transit, is a great way to make a city affordable. For proof, Californians have only to gaze across the Pacific, to the city of Tokyo.
Three decades ago, at the height of Japan’s land price bubble, “affordable housing” would not have been words commonly associated with the country’s capital city. But 30 years can make quite a difference. As of 2015, the average residential rent in Tokyo was about $2.53 a square foot at current exchange rates. That’s about half the level for San Francisco. And Tokyo’s rents have held roughly constant for two decades.
Why is Tokyo housing so affordable? It’s not because Japan’s population is shrinking. More people crowd into the capital city every year.
News outlets are catching on to the real explanation: Tokyo rent is cheaper because it builds lots of housing. Blogger James Gleeson has an excellent post detailing the city’s heroic efforts to supply shelter to the people who move there. Every year, the city adds about 100,000 new homes: this increase has more than kept up with the increase in population, leading to a housing surplus.
________
Read more:
Why every long-term expat should buy a property in the UAE
New Zealand proposes ban on wealthy foreign investors buying property
London house prices drop at the fastest pace in almost a decade
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_______
As Mr Gleeson shows, this rate of construction far outstrips Tokyo’s global rivals like London and New York. And it hasn’t required sprawl - all of Tokyo’s net new housing has come in the form of buildings more than three stories high. Nor has it required Tokyo’s denizens to live in smaller houses - average floor space per person in the city increased by about 28 per cent from 1988 to 2013.
In other words, Tokyo prevented a housing shortage by building more and building up. Interestingly, it appears that this change was instigated by Japan’s national government, which since the 1980s has assumed more authority over development rules. The national government revised regulations to allow more density. Combined with Japan’s famously simple zoning regulations, this resulted in a nation full of dense yet pleasant cities that offer decent, affordable living space. A key part of the equation, of course, is Japan’s efficient, convenient networks of public transportation.
One other reason that density might have been more politically acceptable in Japan is that houses are not used as a vehicle for middle-class wealth accumulation. Traditionally, Japanese homes were demolished and rebuilt every 20 to 30 years, to implement improved earthquake-safety technology, to provide jobs for government-favoured construction companies or simply because Japanese people demanded nice new houses. As a result, there are relatively few Japanese homeowners trying to prop up the value of their houses by lobbying the government to restrict supply. The opposite is the case in the US, where NIMBYs (not in my back yard) aggressively beat back any effort they think will limit rising housing prices, including new construction.
Further complicating matters in the US, there’s little chance that the federal government will intervene to override the objection of local NIMBYs and force cities to allow more housing. Instead, the task must fall to state governments. California, with its new determination to both force and encourage city governments to build more, is on the right track. The idea of building dense housing around transit hubs - a very Japan-like development pattern - is an especially good one. Simplified zoning codes, curbs on repeated administrative challenges to housing projects and less severe height restrictions would also be great ideas. Government-subsidised housing - which Japan also provides for its low-income citizens - is an important part of the mix.
In the cartoon movie Big Hero 6, Disney envisioned a fantasy city called San Fransokyo, that combined San Francisco's beautiful vistas, lush greenery and sweeping architecture with Tokyo's density and first-rate transit. California's state government - and other US state governments - should take this as inspiration, and think harder about how to apply Tokyo's successful development strategy to their own increasingly unaffordable cities.
Noah Smith is a Bloomberg View columnist
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
GOODBYE%20JULIA
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The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
Vikram%20Vedha
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The specs: 2018 Mercedes-Benz S 450
Price, base / as tested Dh525,000 / Dh559,000
Engine: 3.0L V6 biturbo
Transmission: Nine-speed automatic
Power: 369hp at 5,500rpm
Torque: 500Nm at 1,800rpm
Fuel economy, combined: 8.0L / 100km
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
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How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Match info
Uefa Champions League Group B
Tottenham Hotspur 1 (Eriksen 80')
Inter Milan 0
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UAE currency: the story behind the money in your pockets
From Conquest to Deportation
Jeronim Perovic, Hurst
Company%20Profile
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Kandahar%20
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