These stories leave out the other half. Over all that time the value of the property has appreciated significantly...to the point where $800,000 condos are a starting point for affordable housing. Figure 320 units at $800,000 with a 20% net per unit and it's $51,000,000. Many of the units will be significantly more and there's retail. The potential returns for developing today are likely well north of $100,000,000.
It's pretty simple, if regulations are really stifling development, the value of developable land will decrease. It isn't in the Bay Area. Like the rest of California it continues to trend upward.
It's pretty simple, if regulations are really stifling development, the value of developable land will decrease. It isn't in the Bay Area. Like the rest of California it continues to trend upward.