Here's a concise explanation: SF is close (enough) to East Asia and is a convenient sink for the money laundering / "investment" you can do through real estate.
Similarly, Miami in the 80s was close enough to South America to be an easy sink for the money laundering / "investment" you can do through real estate.
When ~1/3 of new construction is unoccupied & held as investment it sure seems like the driving force at the margin.
Similarly, Miami in the 80s was close enough to South America to be an easy sink for the money laundering / "investment" you can do through real estate.
When ~1/3 of new construction is unoccupied & held as investment it sure seems like the driving force at the margin.
http://www.48hills.org/2015/01/27/sf-planners-yawn-vacant-un...