FORWARD TO THE PAST

This might seem a bit contrary with respect to the movie ‘Back to the Future’. However, we have been looking at housing solutions in this country for at least 10 years; probably longer.

The problem we are having is that we do not have enough housing to handle the demands of a growing population, particularly in the large cities which appear to be growing in these demands almost everywhere. However, while this situation appear to be dire today, it was just as problematic during the expansion of the Unities States but was solved using strategies thar are just now being considered today.

Back in the day, there were a relatively large number of what we call today ‘multiuse’ properties. That is to say, a building may have retail on the ground floor, perhaps office or specialty use on the 2nd or 3rd, and residential use on the top floors. There were a number of reasons for this. Transportation in the late 1800s and early 1900s was expensive (when available), took a long part of the workday away from people, the workday was longer than today, and it was much more physical with longer work hours.

Finally, the ability to construct buildings was not nearly as restricted over 100 years ago than it is today. With regulations, taxes, regulations, cost of land, labor and materials today, the cost of construction is often impossible for a contractor/builder to achieve an economic rent.

Today, with the demand for homes outstripping the supply, both existing and to be built, people are making moves from the cities to more clement environments with their new demands to manage the important work/life balance that has become one of the drivers for a satisfying existence. Long commutes are now balanced by work at home strategies. Many companies are accommodating this to both the company and the employee satisfaction. This does not solve the base point for the this article…..

Rents in the big cities are now so low and tenants are so few that the commercial proper companies have begun defaulting of their loans with the obvious end being that the building owner abandons the property (take a look at what has happened to the steel belt and the automobile factories in the Midwest). As of the writing today, many large cities have vacancies over 24% and some cresting 50%.

I have been thinking about what kind of solution there may be to prevent this bleak future of the inner cities that are headed in the direction of this. The problem (to me , at least) is that there may be a solution to some of it. Perhaps a new look at ‘multi-use’ buildings may be coming back. We are now in a situation that being similar to the situation of the last half of the 19th century. Transportation has again become expensive and onerous. Workdays are actually longer than a few years ago as companies are shedding the less productive parts of their business but keeping the retained employees do more with less. The skyscrapers that are empty today could be populated with workers who might appreciate only a elevator ride home with dinner prepared in the same building; entertainment walking distance being a popular venue for residents.

Might this help in the stimulation of the city? What do you think? Let me know!

John Case is a Broker Associate with Corcoran Icon Properties (CA) & Stanberry Realtors (TX)

He has dealt with all aspects of Real Estate during his career and can answer any question that you may have regarding your home.

CalDRE Lic:00622378

He is also the editor of the East Contra County Real Estate Economic Report. He works with his wife Diana in Brentwood. They can be reached at 925-382-9771 or by email at johnacase@stanberry.com

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PRESENTED BY:

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WOMEN’S COUNCIL OF REALTORS® DELTA PRESIDENT’S MONTHLY MESSAGE:

The journey that our network has been on has been nothing short of remarkable. For the past 23 years, we have been proud to have dedicated members, Strategic Partners & Board Members serve as shining examples, paving the way for a fair, transparent, and safe place for professional &personal growth. As members of the Women's Council of REALTORS® Delta, we are a powerful force of women who are not only making a difference in the industry, but in our communities as well. Weare proud to have #LeadersMadeHere, to continue shaping the future of the industry, & making leaders. Our local Delta Network's slogan for 2023, 'Sparkling Together', represents the limitless potential we have when we come together and support one another. By lifting each other up, we are capable of reaching new heights and accomplishing great things. We are continuing to embrace this year with open hearts and a fierce determination to succeed. Let's continue to be a driving force for change in our Real Estate Industry & our Communities. By rising together, there is no limit to what we can achieve & we are limitless to the leaders we will create. When you are ever interested in learning more about Women's Council of REALTORS Delta & what we will be offering for the 2023 Year, give me, Rwan Rasheed a call anytime @ 925.528.9008. Here is to a great June ahead for us all!