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I want to bring the focus on inequality here to the absurd cost of living in Silicon Valley. There is a world in which contract workers at Facebook making 15 do
by tmh79 9y ago
I want to bring the focus on inequality here to the absurd cost of living in Silicon Valley. There is a world in which contract workers at Facebook making 15 dollars per hour are able to live reasonably close to work and provide for their families while working only 40 hours per week. That future does not exist without a LOT more housing in the south bay, the peninsula, SF, and the rest of the bay area. FB cannot pay the 15% raises yearly that the housing market demands of those at the bottom. If you care about these issues and live in the south bay, please look into volunteering with and/or donating to siliconvalley@home http://siliconvalleyathome.org/ http://siliconvalleyathome.org/. If you live in SF, look into SFYIMBY http://www.sfyimby.org/ http://www.sfyimby.org/.
- kec 9y agoThe absurd cost of living is due to an illiquid housing market because of prop 13. Adding more housing just kicks the can down the road a decade or two.
- elgenie 9y agoProp 13 and the resulting lack of liquidity in the housing market applies everywhere in California. There are multiple causes in play in the Bay Area specifically, of which Prop 13 is merely one.
- voodoomagicman 9y agoI agree with the spirit of your comment, but FB certainly CAN pay 15% raises to their lowest paid employees - I imagine w/ very little impact to their bottom line.
- eli_gottlieb 9y agoNothing grows 15% compounding every year. Not even cancer. 15% compound growth is a motherfucking financial singularity.
- mattnewton 9y agoIf everyone does that, then you have just started running faster to stand still. They should back initiatives to build more housing in the area.
- deleted 9y ago[deleted]
- tmh79 9y agoIts not about a 15% raise today, it's about a 15% raise every year indefinitely. Rents are increasing at 10-15% annually, no company can afford salary increases of that year after year after year.