From the Santa Barbara Independent: Blankenship Stops Building, Blames Loan Crisis and Permit Process.
With some bitterness, condo developer John Blankenship declared to the City of Santa Barbara’s Planning Commission that he would not stand before them again. After 37 years in the business, Blankenship said that he was defeated not only by a declining market and the subprime loan crisis, but by a city permitting process that prevented him from profiting on his projects. It is the city’s loss, he added, because for the past couple of years Blankenship Construction has been one of the few still creating condos in the $600,000-$700,000 range — middle-class workforce housing, just like the city said it needs.
$700,000 is "middle-class" housing?!?
On what planet?
Uranus?
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Before anybody tells me that Santa Barbara is "rich", let me tell you that the median family income as of last year is $57,880 so you are looking at houses that are 12X income!
Don't say anything or else you may just get the Joshua Tree Treatment(TM).
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