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From your link: the fastest growing industries are information, professional, and business services. And it is the growing industries that drive the market rat

From your link: the fastest growing industries are information, professional, and business services. And it is the growing industries that drive the market rate for housing. Someone who bought in to the market via purchase or rent-regulated lease five or ten years ago has a significantly lower cost of living than someone entering the market today. Exempli gratia: (in California) If you're living in a $2 million house that you bought for $400 thousand, you might not be able to afford to sell and buy something else at a similar price due to the tax code. Exempli gratia: If you're living in a rent-regulated apartment that's now leased 40% under market value, if you lose your lease for any reason, you may not be able to afford the market rate. And your landlord has greater incentive to get you out of the unit. Thus the well-tenured school teacher making $100 thousand per annum[0] can afford to live comfortably, but when this teacher retires, a qualified replacement offered a salary of $66 thousand[1] may choose to live and work elsewhere. [0]http://www.sfusd.edu/en/assets/sfusd-staff/contract%20and%20salary%20schedules/18-19%20salary%20schedule%20K-12%20teachers.pdf http://www.sfusd.edu/en/assets/sfusd-staff/contract%20and%20... [1]ibid

closeparen 8y ago
What happens on the margins is not the same as what happens. You do not need a tech job to live here. Instead you need to have established or inherited a claim on land, sometime in the past. If this is to become the norm, it's a monumental shift in the fabric of American society. Meritocracy/justice/feudalism arguments notwithstanding, the implications are huge. Parenting strategy changes. Not even the very best wages are going to cover your child's cost of living near a decent job at market rate. Setting her up to be a valuable worker is a poor investment. Instead of researching school districts, research cities and economic trends. Instead of saving for college, buy property in the cities you think will be employment centers in 18 years (and keep it empty to avoid a potential tenant-rights battle). Instead of living in the best school district, live in a rent-controlled apartment in another favored city, maybe the one where you can least afford ownership today. If your family can't afford this alone, go in with another family or two. Choose wisely. Your kids will be roommates for life. If one of your bets is correct, then your kid gets a decent life. It doesn't matter that she's less educated; a worker's most important qualification is to be there. Whatever the growth industry is will be elated to find any young adult. And she'll have 100x better living arrangements, at 1% of the cost, compared to any sucker whose parents didn't set this up for them like you did.

closeparen 8y ago

What happens on the margins is not the same as what happens. You do not need a tech job to live here. Instead you need to have established or inherited a claim on land, sometime in the past. If this is to become the norm, it's a monumental shift in the fabric of American society. Meritocracy/justice/feudalism arguments notwithstanding, the implications are huge. Parenting strategy changes. Not even the very best wages are going to cover your child's cost of living near a decent job at market rate. Setting her up to be a valuable worker is a poor investment. Instead of researching school districts, research cities and economic trends. Instead of saving for college, buy property in the cities you think will be employment centers in 18 years (and keep it empty to avoid a potential tenant-rights battle). Instead of living in the best school district, live in a rent-controlled apartment in another favored city, maybe the one where you can least afford ownership today. If your family can't afford this alone, go in with another family or two. Choose wisely. Your kids will be roommates for life. If one of your bets is correct, then your kid gets a decent life. It doesn't matter that she's less educated; a worker's most important qualification is to be there. Whatever the growth industry is will be elated to find any young adult. And she'll have 100x better living arrangements, at 1% of the cost, compared to any sucker whose parents didn't set this up for them like you did.