Elsewhere. The Bay Area suffers a number of problems for people in my position and with an interest in real estate. Firstly there is the moral issue one comment

Elsewhere. The Bay Area suffers a number of problems for people in my position and with an interest in real estate. Firstly there is the moral issue one commenter noted above: the artificially scarce housing here makes it so that the landlord class is effectively fomenting homelessness for all but the affluent and wealthy. Second there is the issue of ROI. I'm not in a position to purchase an apartment building or capital real estate, and anything smaller in scale is, frankly, a dumb use of money. I can get 5-7 times the house for my capital in plenty of places outside the Bay Area with better cash flow and without engaging the moral issue.