May 18, 2016
commented on Developers in San Francisco May Not be Interested in Building Lots of Affordable Houses
25% works because the cost comes out of the land, not from decelopers nor financers. But 25% is also about the limit you can get out of the land. See Ricardo and land economics. It's not heterodox, just forgotten by a couple generations of economists who grew up during a period of relatively low land value and probably some other underlying issues.