Future enhancement of a `bedroom community'

The claim by proponents that Measure P will solve Chico's housing shortage at prices our citizens can afford exposes the developers' conceit: their financial success as developers makes them “trustworthy experts,” smarter than the rest of us and, therefore, solely competent to decide Chico's housing future.

Their self-conception begs inquiry.

In the Bay Area and SoCal, where home asking prices open bids which then soar, retirees, eager to flee traffic congestion and having sold their homes for 10 to 15 times the original price, are coming to town with pockets full.

In California's extremely tight housing market, Calmatters reports that nearly 25% of single-family homes are purchased in all-cash transactions, some by older people liquidating their assets, most by private investment firms, usually foreign, who prefer block purchases of California real estate to the stock market. These homes often remain vacant.

Given assurances that the intent of Valley's Edge is to solve Chico's housing needs, will bids by these all-cash refugees exceeding what Chicoans can afford be denied?

When Amtrak initiates its daily commuter service from Chico to Sacramento and beyond, investor interest in our soon-to-be enhanced “bedroom community” will surge.

Will block purchases by foreign investment firms be denied?

Will bids by buyers purchasing properties for Airbnbs, already contributing to Chico's housing shortage, be denied?

If their answer to all-of-theabove is “Yes,” these ideas are worth considering.

“No” acknowledges market forces beyond their control, revealing as unfounded their home price projections, making transparent their bottom line.