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I think it's mostly that the relative value of future money to current money went up, due to cheap money and lack of investment opportunities. One piece of evid

I think it's mostly that the relative value of future money to current money went up, due to cheap money and lack of investment opportunities. One piece of evidence for this is increase in earnings-per-share multiples paid for stocks in the S&P 500: http://www.multpl.com/ http://www.multpl.com/

usaar333 9y ago
But the counter-evidence is that real estate investment trusts are generally flat over the last 2+ years (and that S&P valuation increases can be mostly credited to belief in a business friendly political environment). What makes Santa Clara real estate defy that trend?