{"id":38344,"date":"2015-11-09T12:29:46","date_gmt":"2015-11-09T20:29:46","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=38344"},"modified":"2020-10-06T17:08:25","modified_gmt":"2020-10-07T00:08:25","slug":"the-unsexy-san-francisco-housing-vote-no-ones-talking-about-fannie-and-freddie-buzz-is-back","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/the-unsexy-san-francisco-housing-vote-no-ones-talking-about-fannie-and-freddie-buzz-is-back\/","title":{"rendered":"The Unsexy San Francisco Housing Vote No One's Talking About"},"content":{"rendered":"

Last week, voters said yes to more affordable housing and people in D.C. started murmuring about bailouts again. This week, poverty and housing are on the congressional agenda, civil rights<\/a> groups try to up the ante on fixing Fannie Mae and Freddie Mac, and the GOP candidates take their chances with reporters at Fox News. Also: Ants build cool stuff.<\/span><\/p>\n

What do Teachers Have To Do with My House?<\/span>
\n<\/span><\/h2>\n

Last week, voters in San Francisco adopted a pro-housing initiative and turned their backs on two ideas that would have made it even more expensive to live in one of the nation\u2019s most expensive cities.<\/span>
\nThe Mission moratorium would have temporarily banned most residential construction in an effort to slow gentrification. Critics had <\/span>argued<\/span><\/a> the plan would make housing even more expensive. Voters also rejected limits on Airbnb (with the help of an\u00a0<\/span>$8 million<\/span><\/a>\u00a0campaign).<\/span>
\nLess sexy but more important. <\/b>City residents voted to spend $310 million to build or rehab thousands of affordable housing units, some of which will be used for teachers.<\/span>
\n<\/span>
\n<\/span>Wait – the city has to provide housing for its own employees? People with jobs, health care and college degrees? Crazy, but true.<\/span>
\n<\/span>
\nIn greater <\/span>San Francisco<\/span><\/a>, a typical home costs more than $1 million. A typical teacher earns less than $67,000. Beginning teachers start at $52,559 and can hope to earn $86,412, the high point on the pay scale.<\/span>
\nLet\u2019s see, 20 percent down on a $1 million house with a 30-year loan at 3.8 percent\u2026 that\u2019s $3,728 a month, about 67 percent of a typical teacher\u2019s income.<\/span>
\nSo what?<\/b> San Francisco has been expensive for a long time, so why the hubbub now? Turns out a lot of Bay Area teachers have been around a while and living in rent-controlled apartments. As a younger generation of instructors moves in, they have to rent at market rates. <\/span>
\n\u201cAs the rent-controlled teachers retire, they\u2019re being replaced with people in a much more precarious situation,\u201d said Matthew Hardy, a spokesman for<\/span> United Educators of San Francisco<\/span><\/a>, which represents area teachers. <\/span>\u201cThis is a tale of two cities. There\u2019s incredible opulent wealth and there\u2019s stunning poverty that\u2019s developing.\u201d <\/span>
\n<\/span>
\n<\/span>Young teachers are living three or more to an apartment and, not surprisingly, turnover is high. Last year, some schools saw 25 percent of their classroom staff leave.<\/span>
\nIt\u2019s not just San Francisco.<\/b> The problem is so dire nationwide that the Department of Housing and Urban Development has a <\/span>good neighbors program<\/span><\/a> to help municipal employees buy homes. <\/span>In McDowell County<\/a>, W.Va., where a lack of available housing has led to chronic teacher vacancies, the American Federation of Teachers has partnered with the community to tear down two abandoned stores and build apartments for educators and others. <\/span>
\n\u201cAffordable housing is an issue for a growing number of educators. It\u2019s important for educators to create roots in the communities where they teach,\u201d AFT<\/a> President Randi Weingarten told Redfin. <\/span>
\nElsewhere.<\/b> Voters in Boulder, Co., <\/span>rejected<\/span><\/a> an anti-housing measure that would have given tiny communities veto power over new development, a type of hyper-local planning that <\/span>CityLab<\/span><\/a> has called \u201cmega-NIMBYism at work\u201d. Seattle will spend <\/span>$900 million<\/span><\/a> in property taxes to improve walkability and transit. Texas voters <\/span>cut property taxes<\/span><\/a>.<\/span><\/p>\n

What\u2019s Washington Up To Now? <\/span><\/h2>\n

Not much (as usual when it comes to housing) and that\u2019s not good. Remember Fannie Mae and Freddie Mac? The mortgage giants and wards of the state are making money and have repaid their bailout in spades. But taxpayers aren\u2019t out of the woods, as Freddie reminded us last week. <\/span>
\nThe company reported a quarterly <\/span>loss<\/span><\/a> due to up-and-down interest rates, which has some people freaked out. But the mortgage business is always volatile and Fannie and Freddie generally are profitable, so what\u2019s the problem? <\/span>
\nAfter the financial collapse, we passed a <\/span>law<\/span><\/a> forcing the companies to shrink down. They did, which means now they have\u00a0<\/span>no cash cushion<\/span> to tap when times get tough.<\/span>
\nBailout II, anyone?<\/b> Congress and the White House are in no rush to fix this complicated mess, even though everyone–<\/span>mortgage lenders<\/span><\/a>, housing advocates, Wall Street<\/a>–agrees it needs fixing. Another bailout could be inevitable. In the meantime, the limbo will only make it harder for people to get loans.<\/span>
\n\u201cThe future ability for millions of creditworthy working people to secure conventional mortgage loans, become homeowners, and build wealth is in jeopardy,\u201d said John Taylor, CEO of the <\/span>NCRC<\/span><\/a>, an affordable housing coalition. <\/span>Stay tuned.<\/span><\/p>\n

Etc.<\/span><\/h2>\n

Coincidence? We don\u2019t think so.<\/b> Baby boomers were the big winners in last month\u2019s <\/span>employment report<\/span><\/a>, with most job gains going to people 55 and older. So we\u2019re not surprised that homebuilders are <\/span>upbeat<\/span><\/a> about sales in retirement–er, “adult”–communities. Builder confidence in the 55-plus market rose last quarter and has been in positive territory since early last year.<\/span>
\nWhat about the rest of us?<\/b> Not so good. First-time buyers fell to 32 percent, the lowest since 1987, the National Association of Realtors <\/span>reported<\/span><\/a>. <\/span>
\nForeclosure update.<\/b> The share of distressed property sales fell in August to 9.3 percent. At their peak, in January 2009, they made up 32.4 percent of home sales, says <\/span>CoreLogic<\/span><\/a>.<\/span>
\nThe child care is too #$%@ high!<\/b> In a huge number of places, child care costs more than rent. <\/span>For two-child families, child care costs nearly three times rent in Binghamton, NY, says the Economic Policy Institute<\/a>.<\/span>
\nWalking to Wegman\u2019s<\/b>. When a grocery store moves into a food desert, do people eat better? <\/span>Not really<\/span><\/a>.<\/span>
\nTiny house:<\/b> $2 million<\/span><\/a> for 180 square feet. \u2018Nuff said.<\/span>
\nThere\u2019s a new builder in town. <\/b>\u201cSquirming mats of fire ants\u201d and your <\/span>house<\/span><\/a>.<\/span>
\nWhat do you want to know? Lorraine.woellert@redfin.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week, voters said yes to more affordable housing and people in D.C. started buzzing about bailouts again. This week, poverty and housing are on the agenda, civil rights groups try to up the ante on fixing Fannie and Freddie and GOP candidates take their chances with reporters at Fox. Also: Ants build cool stuff<\/p>\n","protected":false},"author":13355,"featured_media":39447,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,68,74],"coauthors":[],"class_list":["post-38344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-local","tag-mortgage-tips"],"acf":[],"yoast_head":"\nThe Other, Unsexy San Francisco Housing Vote Last Week<\/title>\n<meta name=\"description\" content=\"Last week: The San Francisco housing market news you didn't hear about. 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