2 ms·
I recently sold property in the bay area. It's crazy indeed, but if I had the chance I'd sit on it for at least another 10 years. There no signs of progress to
by mbesto 9y ago
I recently sold property in the bay area. It's crazy indeed, but if I had the chance I'd sit on it for at least another 10 years. There no signs of progress to increase inventory and between Google/Apple/Facebook (and name every other large tech company) there's enough cash in their coffers to hire 300,000 more engineers making $300k/year. Which basically means even in a massive downturn, they're still going to hire net new in the 10's of thousands every year for the next 10 years.
I don't think people really fathom how big of a deal this is. When was the last time a group of heavily concentrated companies were so flushed with cash sitting in banks? And also who's most coveted asset was highly paid white collar workers? Wall Street in the 80's maybe?
- scythe 9y ago>There's no signs of progress to increase inventory SB 827? That's what's kept me from buying. The fact that housing in the Bay is political scares me off. I'll bet on economics every day, but not on politics.
- mbesto 9y agoSB827 passing will only begin to tickle the situation. It's a good start, but nowhere near what needs to be done. NIMBY'ism is part regulation, part culture. I don't see the culture part going away anytime soon. Out of curiosity - is there anywhere in the US in history where housing that had the highest value in the country was affected massively (negatively) by regulation?
- nugget 9y agoWait and see what happens as a result of SALT deduction reform. Property taxes in the most expensive zip codes just became twice as expensive for many people. California may be less effected due to proposition 13 but places like Texas and New Jersey could be hit hard. I'm guessing we'll start to see the impact (whatever it is) in early 2019 when 2018 tax returns are due.