4 ms·
Towns that depend on one or a few employers have been a losing bet for home ownership. This has been learned multiple times already. It seems good if you get ou
by FLUX-YOU 8y ago
Towns that depend on one or a few employers have been a losing bet for home ownership. This has been learned multiple times already. It seems good if you get out before it goes bust, but that's like catching a falling knife (especially if the company is not forthright about its impending doom).
- smnrchrds 8y agoIt was not that there was one or few employers. There were many companies, large and small, operating in Calgary, Edmonton, and the rest of Alberta. The problem was that the lion's share of the economy was directly or indirectly related to a single industry: oil and gas. When the price of oil went down, they all suffered. I think the majority opinion on HN is that unlike other industries like energy, auto manufacturing, agriculture, etc., tech is uniquely immune to downturns. My impression is that most people on HN believe that the tech scene in California is only ever going to get bigger and more lucrative, and with it property prices are always going to go up. Even suggesting that tech and SF bay area might end up like, say Detroit and auto manufacturing industry, would make many to dismiss your point entirely. But as an outsider who does not have a horse in this race, I don't share the same mindset. Only time will tell the truth. But I won't be surprised if the sustained tech boom goes bust at some point during the next half century.