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But how can you support the statement that the phenomenon of Silicon Valley created the unaffordability of houses when we see the same increases across the coun
by bufordsharkley 10y ago
But how can you support the statement that the phenomenon of Silicon Valley created the unaffordability of houses when we see the same increases across the country? If it really was the tech scene, we'd expect the increases to be much higher in the Bay Area.
- Spooky23 10y agoClick on the "prices in real terms" chart, which factors out inflation. The average US price in real terms is up like 10% since 1980. The average SFO price is 400% above that. The average NYC price is 200% more. That's a real estate bubble. Lots of factors influence what's happening. Between Tech workers who make too much, Chinese capital flight liking for a home and stupid bank underwriting practices, demand is wacky in a few cities.
- bufordsharkley 10y agoCompare to Los Angeles, a city with similarly broken land-use policies to SF, but without the tech scene. It only lags by a small amount. I simply don't think you can attribute the tech scene as a unique cause of this.