Rapidly increasing housing values have created near-panic buying in many parts of the county. Camp-outs for housing have been commonplace even for expensive homes. For example, over 50 buyers recently "camped out" for a month for homes in excess of $350,000 in the Eastlake area of Chula Vista . . .
No doubt the price of housing will increase as it has inexorably over the last 30 years. But, if voters approve any or all of the growth ordinances in November, the question will not be whether prices go up but how high they go up. Approval of these growth initiatives will virtually guarantee existing property owners a bonanza of home-value appreciation they never dreamed possible.
Why is it then that so many people in the real estate industry are opposed to these growth controls? The real reason is an unselfish desire that everyone have an opportunity to buy a home . . . at an affordable price. And the way to provide housing at an affordable price is to provide an adequate supply of housing. Better yet, how about an oversupply so that prices might even drop. Growth restrictions will ensure skyrocketing increases in the price of housing and will guarantee that "the rich get richer and the poor get poorer."
CLOYD P. REEG