America’s affordable housing crisis: Why it’s worse than ever




 


America’s affordable housing crisis: Why it’s worse than ever
Santa Clara County Highs and Lows 
PROBATE AND ESTATE SALES
Los Gatos Home of the Week 
Santa Clara County Price Reductions 
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Introduction: Is Affordable Housing Really Our Problem?
Is affordable housing really our problem? No, I understand. Look, there, there's that Christian point of view where we have to reach out and help. There's a need. I understand that.  I think it goes a little bit deeper than do we really need to help those who can't afford it. And I understand that, 'cause I have my kids, I have friends that are renters, and you know, they're frustrated.

Access to affordable housing is in crisis. 

Government's Role in the Housing Crisis

 So, is college because the government stuck its finger in it and offered these loans to get people to be able to afford to go to school, which 

I never needed it. I struggled through it.

We give food through food banks, which are controlled by the government. You get free phones, free healthcare, and I don't care if you're an immigrant, I'm an immigrant, right? But I became a citizen, followed the laws. I joined the military. So you know, there's that crossover of legality and whatever.

And I understand there's a ' cause you come here, and it's the land of opportunity, but it's not the land of free lunches. 

Personal Experiences and Views on Government Aid
Never took welfare. I've never. You know, I came here with nothing. My parents came here, and my mom came here with nothing. My mom was a server.

She raised us. We were poor, dirt poor, and we still figured out how to make it. And, I think the opportunity to get housing is a great idea. But I don't think it's, it. Once the government gets its sticky fingers into it, things go to the left and right. And that's my problem with this.

And it's not a liberal, republican, or conservative point of view. It's because it's the government. They have all these layers of onions since the beginning of their time; whatever, whenever they were incorporated, they continue to.

Challenges of Affordable Housing

Put rules and regulations and fees and functionaries, and all these other things on top of it, and then they become less effective at doing what they were intended to do, from permits to planning, to housing affordability, to food, to everything that we touch in the government. It turns out to be swayed by the politicians who are in.

Power at that time, and the people in the government, they're just trying to do whatever they can do. Right? I understand that. They're inherently good, but they're being told to do this, and then they get told to do that. Next thing you know, your roads aren't being taken care of because that money gets put into a general fund.

I'm not critiquing the individual or the political parties. I'm critiquing the government the way the government's set up, and that's why I don't think we have a housing affordability crisis per se, because if there was no housing functionary for the people that couldn't afford it to live here, they would commute to live somewhere where they could live.

We have all this other stuff. But the key problem is, I think, it's the government. 




Discussion on Housing Market and Taxes

And I hate to say it because I love this country, I believe in this government, but it just seems like we put rules on rules and regulations, and it just, I don't feel like we get anything done, especially in high-cost-of-living areas like the Bay Area, like Los Angeles, like Seattle, and Portland.

You see more and more people coming there for handouts. And feeling like they can never get started with their life. And you know, that's part of my problem is like, yes, we want to give people the opportunity to own homes, but if you, you know, I was talking to somebody today or yesterday at the dog park.k 

You didn't. And I understand that. That sucks. I wish you did too. But you didn't, so now you're renting. We always talk about moving. Well, why don't you move? Well,l my wife has a job here. I'm like, so what? Get another job somewhere else. Well, you don't make as much. So what if you move to like St.

Louis? Your cost of living is a lot lower, not substantially lower. I get it. But for the standard, you don't have to live and die here. Right. I just, my thoughts on ways to expand affordable housing support, the low-income housing tax credit. That's for developers, that's for builders. 200, 300 homes together, and a portion, I think 5% has to go to low income. Well, they get a credit for that. It's not because they're doing it outta the goodness of their heart. They get a tax credit. Everybody gets credit for those lower bond financing requirements. Yes, I get that. We're actually looking at doing this thing where there's a massive high-rise in San Jose, and it's going to be low-income.

I think it's better if you earn it. And that's, I think, the problem with this country, is we're going to the government saying, you owe us this. I deserve this. I'm entitled to this. And it's not just this country. I talk to people from all across the world and Europe, especially, like I know people in Vienna who work for the government, and their people are coming to them.

Saying that I'm entitled to this. And it's not an entitlement. Somebody else worked for that, and the government took from it, and now they're giving it to you. That's not Entitlement. That's charity. And I don't think the government should be involved in charity. I don't care which president it is.

Whenever there's an earthquake or massive whatever in Haiti or Puerto Rico or South America, we're always automatically inclined to throw out. Millions of dollars in support, but why don't they do much for us? We're the big kahuna on the block. Yeah. I don't see millionaires doing that unless they get some kind of tax credit from it.

I don't think it's our responsibility as citizens to have to dole out even more taxes. By the way, Santa Clara County just raised its sales taxes again, without a vote, I believe.

I don't mind being taxed as long as I see that my roads are worked on and that there's no litter and there's no homeless people living on the sidewalks. Okay. 




Los Gatos Home of the Week
Let's talk about the other side of the spectrum.

This is the Los Gatos Home of the Week. It's $13 million, eight bedrooms, 10 and a half baths, 12,000 square feet on Kennedy Road. This is the Los Gatos Home of the Week. This is active for sale. Yeah, active for sale, and look, 1288, it's a hundred.

It's been on the market for six months. Why? Because it's overpriced. $13 million. Yeah. I can see the price value here, but if it's 180 days.

Three and a half acres. Is it usable? I don't know. Maybe drop it down to 10 million, 7 million. See where it is. That's just my thoughts, take a look inside. I was looking at the same house. I swear. This is like something Tesla walls. 'cause you know, you gotta show those off.

It's beautiful. Yeah. Old world decor. Nice. Okay. This is the most expensive home sold in Santa Clara County in Los Altos Hills, not my listing. Sunset Drive. Seven bedrooms, seven and a half baths, 7,800 square feet. Palo Alto. It's worth more for a smaller house, but this is also brand new.

This was built in 2025. So somebody came over here and bought the land, which is just over an acre, and then they put probably a $2 million worth on it, and then they sold it. There you go. That's the way to do it right there. What, you know, these landscapes, these are portraits. Li, why would you do that? Why would you put a bunch of portrait photos and the beginning? I thought it was, oh, these, it's just an iPhone photo shoot, but it's not, these are professional photos, and you can tell, right? I mean, I can tell I've been doing photography long enough that I can figure that kind of stuff out.

This is a nice house, though. Somebody got a great deal on it. Okay? This is the lowest-priced home sold in Santa Clara County on L Chiquita Road. It took exactly 98 days to sell. The original price was 7.45. I talked about this one a lot. Finally, sold for 580, probably for the 10 acres of land, $58,000 an acre.

Not so bad.



And this is the highest list price to sales price ratio. I had it 128% over list price. The original list price was 2.5. Sold for 3.23 bedroom, one bath. Crazy. Morris Drive in Palo Alto took seven days to sell. Nothing special about it other than the land, which is not even all that big.

Everything on the west side of 17 is doing really well right now. And this is the lowest list price to sales price. 75%. The original list price was 16 million.

Took 755 days to sell. Okay, so this five-bedroom, three-and-a-half-bath in Palo Alto list price. 16 sole price. 12. It has a DU 50, 300 square feet, five bedrooms, three and a half baths, and an apartment over the garage, which is that's probably what I could afford. Okay. 755 days to sell.

 That is persistence. I'll give you that.


Yeah, nothing's. It's $12 million for an old house. I get it. This is the style, and it's not really my style. So that' it, there you go. All right. And here are the stats in case you wanna look at 'em. 19.5 was the highest sold, lowest price was 580,000.

The highest for sale right now is 25 million. The lowest for sale is 400. If you wanna look at it, call me, let me know. I'd be happy to talk to you and walk you through it. 

Conclusion and Contact Information

Thanks for watching. I'm Vito with Abano.  


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Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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