Written in response to Chapman College's analysis of the Orange County slow-growth initiative. The analysis projected that approval of slow-growth measures would have a negative impact on the county's economy.
Michael Flagg's article in the April 14 Business section reported that the "County's Average Home Price Jumps 18% in Year as Sales, Supply Decrease." With this information, one may easily apply the "creative arithmetic logic" used in the Chapman College $10,000 Board of Supervisors' study. The original conclusions given to and supported by the supervisors are reversed. The solution to the slow-growth initiative becomes quite obvious.
With the current building slowdown, the price of each dwelling in Orange County (new and older homes, condominiums and houses) has increased an average of $28,255 over the past year. Consequently, if slow growth continues and the slow-growth initiative is passed, each Orange County homeowner can look forward to an increase in personal assets exceeding $100,000 within the next five years.
The property values for just those residents who have purchased during the past 12 months will show a combined increase in value of over $77 billion, and this is only a fraction of the total number of Orange County residents.