Notes From Babel

Think Our Housing Market Is Bad? Londoners Ponder Paying $200K to Live in a Toilet

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While researching for a piece I’m writing for The Claremont Institute’s Golden State Center for State and Local Government, I came across this factoid that caused me to break out into hysterics:

On August 12, 2002 the Wall Street Journal described a 350-square-foot former public toilet in south London that developers are turning into a “stylish apartment.” They expect to sell it for around $200,000. “Believe me,” a developer told the Journal, “there will be a lot of interest.”

[Oh, I forgot to add the punchline:  Heavily-regulated San Francisco could not match that deal, proposing in 2008 a development of even smaller (250 square feet) condos for even more money (starting at $279,000).  So there you have it:  Living in San Francisco is not quite as affordable or as spacious as living in a toilet.]

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Written by Tim Kowal

February 21, 2010 at 6:55 pm

Posted in Land Use

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