Re:Silicon Valley's housing crisis, in one sentence
by pjlegato on Tuesday June 07, 2016 @04:55PM
(#11857733)
As elsewhere in the bay area, many residents of SV want the physical structure of their neighborhood to be forever frozen in amber as it was circa 1960, and they've enacted robust zoning laws to that effect.
Silicon Valley was a quaint, sleepy semi-rural suburb in 1960, and that's how they want it to stay, at least in terms of physical appearance.
The problem is that, despite these zoning laws, they can't actually stop people from moving in from other regions, which causes property values to skyrocket. You can easily pay 2m there for an ordinary 3 bedroom ranch house that would be 70k in most of the US.
Silicon Valley was a quaint, sleepy semi-rural suburb in 1960, and that's how they want it to stay, at least in terms of physical appearance.
The problem is that, despite these zoning laws, they can't actually stop people from moving in from other regions, which causes property values to skyrocket. You can easily pay 2m there for an ordinary 3 bedroom ranch house that would be 70k in most of the US.