830 karma · joined April 3, 2013
Do I think economics in higher education needs to change? no. But the base level of economics knowledge and principles are very lacking for the everyday person, to the detriment of society at large.
> For instance, if a developer owns multiple adjacent parcels and decides to build housing or infrastructure on one of them, the value of the undeveloped parcels will rise due to their proximity to the improvements. As a result, the developer faces higher taxes on the remaining undeveloped land, making development less financially appealing in the first place.
This analysis misses the point. It doesn't make development less financially appealing, it makes owning land you're not planning on using any time soon less appealing. It disrupts (in a good way) the current land development model where one entity buys a large tract of land and develops and sells it off one piece at a time. That's a model based on land speculation. They may see it as the development of the first 20% of land increases the value of the remaining 80% (which they feel justified in profiting from) but that is neither guaranteed nor is it an accurate description of what causes the remaining 80% of land to increase in value. It's more accurate to say that the agglomeration effects of the people who moved into that first 20% (and their interaction with the existing local economy) are more responsible for it.
I continue to believe that "full cash value" assessments which try to ascertain the market purchase price of real estate are very foolish. And there are so many inputs and methods of formulating an assessment. What all of them have in common though, is that they consider the rental value of the property. It would be so much simpler if the tax was only assessed on the rental value. It eliminates things that effect the sale price estimates like interest rates, subjective risk tolerances, speculative premiums, and even the tax itself. The tax rate on the rental value would of course be much higher than the tax rate on the purchase price (25% compared to 1% for example) but it's a much more stable assessment with a lot more reliable data backing it up.
disclosure: I am a Georgist and former president of Common Ground California.
docker -H host1 image save IMAGE | docker -H host2 image load
note: this isn't efficient at all (no compression or layer caching)!To give an example, our web servers connect to our GCP CloudSQL database via a Cloud SQL Auth Proxy (there's also a connection pooler in between but that also stayed up). The connection to the proxy was always available, but the proxy wasn't able to renew auth tokens it uses to tunnel to the database, regardless of where the webserver or database happened to be located. To mitigate this in the future we're planning to stop using the auth proxy and connect directly via mutual TLS but now it means we have to manage TLS certificates.
I guess what I'm asking is: how does VectorVFS enable search besides iterating through all files and iteratively comparing file embeddings with the embedding of a search query? The project description says "efficient and semantically searchable" and "eliminating the need for external index files or services" but I can't think of any more efficient way to do a search without literally walking the entire filesystem tree to look for the file with the most similar vector.
Edit: reading the docs [1] confirmed this. The `vfs search TERM DIRECTORY` command:
> will automatically iterate over all files in the folder, look for supported files and then embed the file or load existing embeddings directly from the filesystem."
[1]: https://vectorvfs.readthedocs.io/en/latest/usage.html#vfs-se...
That obviously has a lot of interesting use cases, but my first assumption was that this could be used to quickly/easily search your filesystem with some prompt like "Play the video from last month where we went camping and saw a flock of turkeys". But that would require having an actual vector DB running on your system which you could use to quickly look up files using an embedding of your query, no?
A Georgist perspective on this would be that it's the decreased costs in other goods and services which have (partially) contributed to the increased cost in housing, as any increase in disposable income allows you to bid up the price of land. Not everyone does, but enough do so that it has this overall effect, and the effect is stronger where housing supply is already limited.
As for 100 year old houses being considered high quality… there’s definitely going to be a survivorship bias for such buildings that didn’t get replaced while they could (prior to mass downzoning on the 1970s) but they literally didn’t have building codes back then. Lots of money needs to be spent to retrofit old buildings for modern seismic and energy standards.
Also — not saying you’re guilty of this — there is a lot of racial prejudice when folks criticize the “poor craftsman” of modern construction workers compared to those of past generations, as they more often tend to be Latino workers these days.
The claim that housing supply advocates make about affordability is not that new units will be most affordable than but that older comparable units will become more affordable due to the increased competition. The people who’ve been bidding up the prices on older rental and resale homes will choose the newer housing instead because they are able and more willing to. The older stock becomes more affordable. Time goes on and even newer buildings cause what was once new to become a more affordable option. It should eventually get to a point where nobody would ever choose the older (again, similarly sized and located) units with poor amenities because it’s not worth it compared to newer options that are a better value. And those get replaced with new construction. That’s how a housing market should function.
But instead we have housing that is over 100 years old going for ever increasing prices even without modern renovations. Thats a broken market.
In California, gentrification almost never affects long time homeowners. Once you pay off your mortgage, your only housing costs are maintenance and property taxes which are highly subsidized thanks to Proposition 13.
However, renters who make up 44% of all California households very often do experience increasing housing price pressures which drives them to move to lower cost (and lower opportunity) areas. Some municipalities have tight rent controls, but most do not. There's a state law which prevents rent increases in older units above 5% plus inflation but that is still an allowable rate which quickly outpaces income growth.
I happen to like some rent controls but I'm not saying that universal rent controls are a solution here. There just has to be some explanation for why housing construction costs seem to grow just as fast as housing prices in general. If housing prices are growing faster than wages and the producer price index for materials then it cant just be construction labor and materials!
What I am alluding to is that there is simply a lack of locations which are able to be developed into new housing. Sometimes that's onerous land use constraints, very long project entitlement and permitting timelines which increases financing costs, local taxes/fees or exactions on development, or some combination of all of these!
sorry, I am not going to bother reading the rest of your comment before writing this reply because reading this part stopped me immediately.
Gentrification and displacement has been a growing issue for decades. Especially in California, people who grow up here can't afford to stay here and end up moving from high cost coastal areas to exurbs in the central valley or inland empire or just leave the state entirely for places like arizona, nevada, texas, or beyond. These are the places that have been growing most over the past couple of decades. Population in the high-cost areas may be increasing too (or at least staying the same) but that's because higher-income people who can afford it are willing and able to move there.
A better comparison might be: would you rather live in a 4,000 sqft mcmansion in Santa Clarita or a modest 1200 sqft 3 bed 2 bath condo in Santa Monica?
> [multifamily housing units are] not really the kind of place that most people want to buy to live in
this is a descriptive norm - observed or perceived behaviors, preferences, and trends among a group of people who, typically, don't really have a choice to buy anything other than a detached house. Family-sized condos are actually highly sought after in dense urban areas where a detached house is an overt luxury, while in suburbs and rural areas they're a rare choice simply because it's illegal to build them.
> These results challenge the prevailing view of local housing and labor markets and suggest that easing housing supply constraints may not yield the anticipated improvements in housing affordability.
If their finding is that increases in incomes leads to increases in demand which then increases prices, that’s not surprising. But their claim is that reducing artificial constraints (onerous land use regulation, discretionary entitlement and permitting, etc) would not have any impact on the supply curve. That’s highly suspect.
To make a plainly true statement which sounds similar to the paper title, "Increasing Incomes Coupled With Supply Constraints Explain House Price and Quantity Growth Across U.S. Cities." Spot the difference.
This focus limits their analysis by not fully accounting for multi-family housing units or rental markets, which are far more significantly impacted by supply constraints.
This emphasis on single-family homes in their data sources affects the generalizability of their conclusions about the impact of supply constraints across different types of housing markets, especially in dense urban areas where multi-family units and rentals are more prevalent.
They also only go as far back as 1980. The difference between supply constraints between 1980 and 2025 is very small compared to the difference between 1965 and 1980. Take Los Angeles as an example [1]. The zoned capacity of many metro areas was dramatically reduced by the mid 1970s.
[1] https://www.lewis.ucla.edu/wp-content/uploads/sites/17/2020/...