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The Retail Glut

Santa Barbara’s downtown core shopping district is in trouble. Santa Barbara is not alone; it is a microcosm of the retail world right now.

A lot of attention has been focused on the large number of vacant retail stores here. The Downtown Organization, a group dedicated to promoting the interests of its business members, has commissioned a study of the problem. They are concerned about the “exodus” of retailers. (more…)

How to Make Housing Worse for Poor People

I live in Santa Barbara, California, which by most measures, including my own, is a paradise. It’s also very expensive because everyone wants to live in paradise. The average home price in our south coast was $1,352,000 in 2016. There were 789 homes that sold for more than $1,000,000 in 2016. Trust me, if you could figure out how to make a living here, you would pay the price.

The reason things are so expensive is that we restrict growth. No condo towers or massive tract development for us. Which causes a problem for those who can’t afford to buy a single-family residence and must rent. Apartment rents are high because we aren’t building many new apartments either. Now, those of you living in NYC probably think $2,000 to $3,000 for a one-bedroom apartment is reasonable, even cheap, but … presently there are only 15 units available in town. (more…)