Re:San Francisco
by jseliger on Sunday June 16, 2013 @06:25PM
(#5890289)
San Francisco is this kind of weird bubble where everyone has to have money to be there, so "regular people" don't exist
I've dropped this link many times before, but it's still relevant here: http://www.slate.com/articles/business/moneybox/2012/05/face... . There's not really a "weird bubble" so much as basic economics at work: SF is a desirable place to live in many respects, but it's virtually impossible to build new housing there for reasons discussed at the link. In the face of exploding demand and constant supply, prices rise.
Regular people move to the sunbelt, where development is easy and real estate prices more reasonable, and the people who have the money and/or need to be in SF stay/move there.
I've dropped this link many times before, but it's still relevant here: http://www.slate.com/articles/business/moneybox/2012/05/face... . There's not really a "weird bubble" so much as basic economics at work: SF is a desirable place to live in many respects, but it's virtually impossible to build new housing there for reasons discussed at the link. In the face of exploding demand and constant supply, prices rise.
Regular people move to the sunbelt, where development is easy and real estate prices more reasonable, and the people who have the money and/or need to be in SF stay/move there.