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The dynamics have been driven by "tech", namely you-know-who, named after rainforest in South America nd their newly-minted cloud computing competitors.
Influx of people from other areas, both within US and international. "More density" and "do away with rules".
Another comment in this thread actually proposes the high rents are being driven by zoning. I find that hard to swallow. People in both commercial and residential real estate tell us about demand that is by and large coming from one general source: "tech". This is what has driven the rates higher.
I do not want to sound like another person looking to take jabs at the tech industry however I think some of the folks coming into these places for these jobs lack a certain appreciation for what makes these places special. To put it bluntly their standards are lower. The market has reponded and is giving them want they want; the number of city residences being built for rainforest workers is staggering. Yet I think we are losing something in the process and I am not sure the people moving in really have an appreciation for what is being lost. We cannot expect them to as they are new to the area.
https://developers.google.com/web/tools/chrome-devtools/netw...
https://developer.mozilla.org/en-US/docs/Tools/Network_Monit...
https://developer.apple.com/documentation/safariservices/cre...
https://docs.microsoft.com/en-us/microsoft-edge/devtools-gui...
The web's first browser, working in line mode, could probably request the text, and only the text, of an article from nytimes.com. It has no capability to automatically follow links to ads and trackers.