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Given the number of homes in the Bay Area, yes there is a shortage of people making more than that. What there isn't a shortage of is wealthy speculators, a si
by dasil003 10y ago
Given the number of homes in the Bay Area, yes there is a shortage of people making more than that. What there isn't a shortage of is wealthy speculators, a significant percentage of whom don't even live here.
- twblalock 10y agoThey still count, because they buy homes here. They are consumers in the market, and they make the market sustainable.
- dasil003 10y agoSpeculators make bubbles, not sustainable markets. The problem is too many people are vested in property values, so when 2008 happened, everyone bent over backwards to prevent prices to come down to what their true sustainable value was. Bailouts, properties taken off the market, presidential speeches, all to prop up the status quo. Banks didn't pay the price, and so it continues.