Re:How California Became America’s Housing Market Nightmare
by charlesju on Wednesday November 06, 2019 @01:23PM
(#21465354)
I would say it's especially unfair to new California residents and great for their children.
I grew up in Silicon Valley and almost everyone I grew up with have parents that live very comfortably if for nothing else than their property value skyrocketing over the last 3 decades. Everyone that bought a house in the 1980s or 90s are now millionaires a couple times over.
As children of wealthy parents, the natural benefits are going to be passed down to us, if not in the short term through day-to-day subsidies but in the long term future through generational wealth.
The real issue with Silicon Valley was the tech boom after 2004, tech companies went from being worth a couple billion to several being worth multiple hundreds of billions. That amount of wealth in a 15 year time frame is really hard for the public infrastructure to keep up with.
I grew up in Silicon Valley and almost everyone I grew up with have parents that live very comfortably if for nothing else than their property value skyrocketing over the last 3 decades. Everyone that bought a house in the 1980s or 90s are now millionaires a couple times over.
As children of wealthy parents, the natural benefits are going to be passed down to us, if not in the short term through day-to-day subsidies but in the long term future through generational wealth.
The real issue with Silicon Valley was the tech boom after 2004, tech companies went from being worth a couple billion to several being worth multiple hundreds of billions. That amount of wealth in a 15 year time frame is really hard for the public infrastructure to keep up with.