Andrew Jobst

9.9K posts

Andrew Jobst

Andrew Jobst

@ajobst

Katılım Nisan 2009
1.2K Takip Edilen1.4K Takipçiler
Andrew Jobst
Andrew Jobst@ajobst·
It's going to be interesting to watch the screams from politicians when rents on SFHs rise, benefitting large institutional investors, solely because those same politicians destroyed those investors' ability to add supply, which would have kept a lid on rents.
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Andrew Jobst
Andrew Jobst@ajobst·
@bridgelenderguy For debt? Or for equity? For debt, they do--debt is drawn down over time as the project progresses. For equity, not so much, because the debt wants to make sure the money is there, and the only way to ensure that is to have it contributed on day 1.
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BridgeLenderGuy
BridgeLenderGuy@bridgelenderguy·
Why don’t all large construction projects use a subscription line?
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Josh Barro
Josh Barro@jbarro·
Who wants to be in the business of renting units just for a little while and then selling them to individual homeowners after some wear and tear? Where that pencils, it'll pencil better to sell immediately to buyers. As such, the provision would effectively end build-to-rent.
Bobby Fijan@bobbyfijan

I think the “7 year hold requirement” frankly under undersells the impact of the bill Even if a builder is ABLE to build, hold for 7 years, subdivide and sell exactly on time (without evicting anyone) … they will still end up designing something very different

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Jay Parsons
Jay Parsons@jayparsons·
Honored to join @johnburnsjbrec and other housing researchers in this open letter advocating for the ROAD to Housing Act to remove supply-crushing restrictions on build-to-rent constructions.
Jay Parsons tweet media
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Andrew Jobst
Andrew Jobst@ajobst·
@jdcmedlock So, the idea behind a LVT is that is pushes developers to build...right? Don't developers want to build right now, but are limited by government? Seems like that's the bottleneck.
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James Medlock
James Medlock@jdcmedlock·
It’s hard not to look at the current housing crisis and not mutter to yourself “land value tax solves this”
James Medlock tweet media
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Andrew Jobst
Andrew Jobst@ajobst·
@FromWhiteCastle @moseskagan I know a lot of farmers as well, and I can totally see this. Not just walking away from their family history, but to a totally different community, with which comes it's own history (decades of it). Uncomfortable and scary. But, their grandkids might have preferred 5x the land.
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Big Hoss
Big Hoss@FromWhiteCastle·
@ajobst @moseskagan I think that’s right. But these days in many cases the replacement options will be decently far away. I live adjacent to a family farm of ~85 acres, and they have passed on >$100k/acre because their nearest available replacement option would be 50+ mi away.
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Andrew Jobst
Andrew Jobst@ajobst·
@FromWhiteCastle @moseskagan If you told the founding ancestor of the farm that they could trade x acres for 5-10x acres (bigger farm), they would have first asked how they were being taken advantage of...but once they got past that, they wouldn't have hesitated one minute before saying "yes".
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Big Hoss
Big Hoss@FromWhiteCastle·
@moseskagan Respectfully, that’s probably wrong. The ethos from their ancestors say land is forever & financial instruments can’t be trusted. Think confederate hyperinflation, 1929, etc. Real estate the only true asset. My gparents were the same, which is partly why we have so much RE now.
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Andrew Jobst
Andrew Jobst@ajobst·
@EllliotttB @TXpaintbrush Tear all that out and put in a pool. All the glory of the atrium, with the added benefit of chlorinated air permeating through the entire building.
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Andrew Jobst
Andrew Jobst@ajobst·
@p_e_t_e_r_s_e_n ISTR seeing that the national number is <10%. I wonder what this number would go to if properties were fully reassessed upon inheritance (without any loopholes).
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Charles Petersen
Charles Petersen@p_e_t_e_r_s_e_n·
The American Dream in 2026: around 25 percent of all homes in coastal California are acquired via inheritance.
Charles Petersen tweet media
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Matt
Matt@mattcraine·
@billybinion Curiosity question. Why is it so bad at certain airports like NOLA , ATL, and Austin, yet Denver, LAX, Miami, Philly have zero issues? (Ive looked at their live cams and wait times today = zero). Is it just TSA employees calling out at those particular airports? Why?
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Billy Binion
Billy Binion@billybinion·
I’ve never seen anything like this. This is the New Orleans airport. The line begins far before I started filming. Everyone around me is expecting to miss their flights. All because Congress can’t figure out how to do its job.
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Andrew Jobst
Andrew Jobst@ajobst·
@YAppelbaum People living in the nicest place they can afford is Lindy. A lot of used (read "affordable"; in contrast to new) housing is currently occupied by people who can afford something nicer--if, of course, it was available.
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Yoni Appelbaum
Yoni Appelbaum@YAppelbaum·
This is shaping up as the most consistent finding in housing studies: Building lots of luxury housing can reduce rents at the top of the market—but the people it helps most are renters struggling to afford even the least desirable units
Yoni Appelbaum tweet media
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Andrew Jobst
Andrew Jobst@ajobst·
@davidsgamage @joshrauh @JeffLHoopes I'll look through the paper, but the ULA debacle has me soured on academic views of tax effects. It's likely a waste of time if your argument hinges on: 1. Billionaires won't assume tax permanence; and 2. Wealth taxes don't cause capital flight (and avoidance by not moving here)
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David Gamage
David Gamage@davidsgamage·
Our response to the @joshrauh et al. revenues estimates of the California Billionaire Wealth Tax Act (CBTA) has now been posted: papers.ssrn.com/sol3/papers.cf… In short, their estimate relies on many false claims about CA law and the CBTA and is completely implausible and dishonest. 1/
Hoover Institution@HooverInst

If California’s problem is spending, not revenue, would the proposed “Billionaire Tax” solve anything? Hoover Senior Fellow @joshrauh breaks down the math around California’s $93 billion deficit. Read Hoover research on the impacts of the tax proposal: hoover.org/news/californi…

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Andrew Jobst
Andrew Jobst@ajobst·
@davidsgamage @joshrauh @JeffLHoopes But the fact that a HUGE amount of wealth has already left should be a flashing red light. Furthermore, I don't know that I've seen any analysis from the tax's proponents on the knock-on effects of their wealth leaving the state (which is also negative for tax receipts). 2/2
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Andrew Jobst
Andrew Jobst@ajobst·
@davidsgamage @joshrauh @JeffLHoopes Do we at least we agree that the NPV of the tax on an exiting billionaire is negative? The question therefore is how many will leave. I agree that if the analysis uses 5% annually as the predictor for how many leave, it's likely over-estimating. 1/
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Andrew Jobst
Andrew Jobst@ajobst·
@davidsgamage @joshrauh @JeffLHoopes Some billionaires have already left. Isn't that evidence that the mere mention of a "one-time" wealth tax of 5% (with no explanation as to how to continue with the spending after 5-years) has caused some billionaires to (reasonably) assume it could be permanent?
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David Gamage
David Gamage@davidsgamage·
@ajobst @joshrauh @JeffLHoopes I don't entirely disagree with this. But this is less than 1/5th the size of the tax as what @joshrauh et al model and a model based on assuming this would not generate their headline results of negative NPV revenues.
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Andrew Jobst
Andrew Jobst@ajobst·
@davidsgamage @joshrauh @JeffLHoopes If one leaves, it is a negative NPV of tax collected from that tax payer (lose 0.2-0.4% per annum forever, after maybe getting 5% once, unless they've already left). If enough leave, then the NPV of taxes collected from the aggregate of billionaires is negative. 2/2
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Andrew Jobst
Andrew Jobst@ajobst·
@davidsgamage @joshrauh @JeffLHoopes The extension of the taxes under Prop 30 also required a second ballot measure. As I understand it: Billionaires pay ~0.2-0.4% of their wealth annually in income taxes. Some will leave because they assume 1% per annum will become the norm. 1/
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Keşfet

@bridgelenderguy @johnburnsjbrec @jdcmedlock @FromWhiteCastle @moseskagan @EllliotttB @TXpaintbrush @p_e_t_e_r_s_e_n