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Morning Report: As the City Dissolves

Morning Report: As the City Dissolves

Morning Report: As the City Dissolves

Home Prices (Drumroll) Are Reasonable!

It’s been five years since housing prices in San Diego peaked and began a brutal
correction. And now? Our analyst Rich Toscano says they’re finally “reasonable

For years, he’s been keep track of home prices in relation to both local incomes
and local rent. “While home prices may be middle of the road, mortgage rates are
ridiculously low.

As a result, the ratios of monthly payments to rents or incomes are very near all-time
lows,” he writes.

How about a little comparison? Toscano writes that before the correction, the ratio
of mortgage payments to rents was 82 percent higher than its historical median.
Now it’s just 1 percent higher.

If you really like this stuff, you can’t let yourself miss this piece in Vanity
by Michael Lewis. How bad did the home prices to rents ratio get in Dublin? Lewis:
“In parts of the city, rents had fallen to less than 1 percent of the purchase price
– that is, you could rent a million-dollar home for less than $833 a month.”

Dissolving Cities

· My name is Scott Michael Lewis. Unfortunately, that Michael Lewis is not me. I
don’t have anything close to his talent for deconstructing in fascinating detail
what’s happened to various countries and sports over the years. (“The Big Short”
is just a brilliant book and wonderful read.)

That said, I have been getting better at articulating a theory about what’s happening
to the city of San Diego as it struggles under the weight of major liabilities and
a recession.

and if you care about a service or city asset, more and more people and businesses
are getting together with similar folks to save it. Do you see the same connection
between a man who donated to the San Diego Police Department to preserve a bike

A version of my piece also ran this week in San Diego Magazine. It’s part of a new
partnership we’ve formed.

Now we’re regularly on local television, local radio, online and in print. More
on all that later. Back to struggling cities.

· Obviously, San Diego is not the only city facing hard times. As writer Will Carless
as it watched its overspending turn to draconian cutting.

to the future of the city.

The measure would have allowed the city to keep collecting fees on cell phones and
other utilities. Now, it’s still collecting money but it’s not so sure it’ll be
there.

· Meanwhile, even more attention is being paid to the county of San Diego’s own
Where the county taxpayers once had to pay little or nothing into the county’s employee
pension plan, now the bill has reached $296 million and yet, after borrowing more
than $1 billion, the fund’s ratio of assets to liabilities is only getting worse.

only on the stock market, when she and her colleagues gave themselves and employees
a 50 percent increase in the pension benefit not only from that point going forward
but, yes, retroactively. It was a giveaway.

For this U-T piece, Jacob struck again. The U-T also quotes the pension fund’s CEO
touting how well the system’s investments have performed to rebuff those who might
say the system should lower its expectations.

So you figure it out: The only cause of this taxpayer burden is the stock market,
not our massive benefit boost, but our investments in that stock market have been
doing great!

Your Voices

It’s been more than a year since we opened up commenting on all stories but insisted
that people provide their full names and contact information to leave a remark.
We have a ways to go still to make it an easy experience and to fully develop the
conversations we’re hosting. But we took a good step last week.

Like many people, though, you might not have the time to wade through all of the
comments to find gems or good debates. For you, Grant Barrett has launched a new
feature “Voices.” He’s scouring the opinions and comments on our site and elsewhere
to help you follow it. He’s even trying to cull the best of what’s being debated
a Twitter forum Councilman Carl DeMaio, some provocative comments about redevelopment
and the downtown library and a Los Angeles suggestion for San Diego’s mascot.

He’s only one man so if you leave a comment somewhere or see a particularly interesting

Do You Mind? We’re Trying to Have a Cockfight Here

the Union Tribune reports.

Fab How Many?

about how SDSU men’s basketball coach Steve Fischer has gotten out of the shadow
of Michigan’s Fab Five scandal. Now, if he can only get out of the shadow of stories
about the shadow of the Fab Five scandal. The Aztecs are preparing for the only
team that has beaten them this year: BYU, which is coming to town Saturday.

Cabbie Conditions

for cab drivers after the ugly accident last weekend outside of downtown nightclub
with the driver.

It WILL NOT Bite!

while eating in Ocean Beach. I, for one, would completely lose it if I saw a three-foot
lizard ambling down Voltaire Street. The assurance that he was friendly helps I
guess.

Not to worry, as we were leaving, the owner of the lost (but friendly!) lizard came
by to take the posters down. He reported that the little beast had been found.

by placing your message here.

– voiceofsandiego.org

HEADLINES
Despite the facts that San Diego homes are not particularly inexpensive, and that
further home price declines are very much a possibility, it could potentially make
a lot of sense to buy a house right now if certain conditions are met.
Chula Vista’s failed ballot measure last year confused voters and crashed the city’s
budget, but the taxes at the center of the issue continue to roll in.
From police to parks, you care about a city service or asset, you need to pay for
Longtime San Diego residents may recognize Jerry Groomes. In the early 1990s, he
was president of the Southeastern Economic Development Corp. Two decades later,
he’s back to give the job another go.
Murder in San Diego is the lowest it’s been since the late 1960s. It’s just the
opposite across the border in Tijuana, where killings have spiked.

BLOGS
and compelling stories of theater, painting, music, sculpture, and more, and looks
Arts Report, the weekly roundup of Behind the Scene, the art and drama of making

If someone was nice enough to forward this Morning Report to you, please know you
You read this. So do thousands of San Diego leaders. Help us keep it going by placing your message here. – voiceofsandiego.orgPut your message here for a $75 contribution. Questions?
HEADLINES San Diego Home Prices: Reasonable Again Despite the facts that San Diego homes are not particularly inexpensive, and that further home price declines are very much a possibility, it could potentially make a lot of sense to buy a house right now if certain conditions are met. Chula Vista’s Proposition Huh? Chula Vista’s failed ballot measure last year confused voters and crashed the city’s budget, but the taxes at the center of the issue continue to roll in. Picking Up Where the City Dissolves From police to parks, you care about a city service or asset, you need to pay for it.  ‘I’m No Stranger Here’ Longtime San Diego residents may recognize Jerry Groomes. In the early 1990s, he was president of the Southeastern Economic Development Corp. Two decades later, he’s back to give the job another go. Graphic: Murder Across the BorderMurder in San Diego is the lowest it’s been since the late 1960s. It’s just the opposite across the border in Tijuana, where killings have spiked.   

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