4 ms·

So that's 10,000 people and the city SF Bay Area has 7.15 million, and 880k live in SF proper. It doesn't sound like it'd make a very big dent in prices.

beamatronic 8y ago
What’s the float though, the number of homes for sale?
- deathanatos 8y ago
  https://sf.curbed.com/2019/1/2/18165468/san-francisco-home-sales-drop-numbers-2018-figures https://sf.curbed.com/2019/1/2/18165468/san-francisco-home-s... About 2 years worth of new millionaires.
  - beamatronic 8y ago
    I think of the housing market here largely as “the latest crop of FAANG/unicorn millionaires duking it out to get the best schools for their kids”
- steve_avery 8y ago
  sfgate reported that only on the order of like 5600 single family residences were sold in SF proper in 2018
gnicholas 8y ago
Still, introducing 10k new millionaires will make a difference. How many multi-million dollar homes are potentially for sale? Also consider that if someone is selling one such home, unless they're leaving the area or offloading an investment property, they're likely trading up (which means there's not a net change in the number of available multi-million dollar homes.
- dsl 8y ago
  As a millionaire, I still can't understand how people buy houses here. You are dumping all of your money into a vastly overpriced asset (vs the rest of the country), with the hopes that in 30 years the valley will be minting multi-millionaires to buy you out so you can retire.
  - jackcosgrove 8y ago
    It's an undiversified portfolio. Sure you could afford a house if you put all your income towards it, but would that be wise?
    - JMTQp8lwXL 8y ago
      Which is exactly why I don't think all of these IPO millionaires are going to buy. They're going to park their money somewhere -- whether they continue to hold company stock, or sell it in exchange for index funds -- there's a multitude of other options for what to do with their new-found wealth, and it's an unrealistic to think 100% of them will buy a Bay Area house.
beambot 8y ago
From the article: > Compass states 5,644 properties were sold in the city last year, 2,208 of those were single family properties and software employees represented more than half of the buyers. 10,000 home buyers would take 2 years to consume all SF properies and 4 years to consume single family homes.
- JMTQp8lwXL 8y ago
  That's assuming every millionaire wants to buy a house, and doesn't already own one. I think it's a bit charitable to say 100% of newly minted IPO millionaires are willing to extend themselves that far, especially with the widespread belief that we are are on the verge of a recession.

beamatronic 8y ago

What’s the float though, the number of homes for sale?

deathanatos 8y ago
https://sf.curbed.com/2019/1/2/18165468/san-francisco-home-sales-drop-numbers-2018-figures https://sf.curbed.com/2019/1/2/18165468/san-francisco-home-s... About 2 years worth of new millionaires.
- beamatronic 8y ago
  I think of the housing market here largely as “the latest crop of FAANG/unicorn millionaires duking it out to get the best schools for their kids”
steve_avery 8y ago
sfgate reported that only on the order of like 5600 single family residences were sold in SF proper in 2018

gnicholas 8y ago

Still, introducing 10k new millionaires will make a difference. How many multi-million dollar homes are potentially for sale? Also consider that if someone is selling one such home, unless they're leaving the area or offloading an investment property, they're likely trading up (which means there's not a net change in the number of available multi-million dollar homes.

dsl 8y ago
As a millionaire, I still can't understand how people buy houses here. You are dumping all of your money into a vastly overpriced asset (vs the rest of the country), with the hopes that in 30 years the valley will be minting multi-millionaires to buy you out so you can retire.
- jackcosgrove 8y ago
  It's an undiversified portfolio. Sure you could afford a house if you put all your income towards it, but would that be wise?
  - JMTQp8lwXL 8y ago
    Which is exactly why I don't think all of these IPO millionaires are going to buy. They're going to park their money somewhere -- whether they continue to hold company stock, or sell it in exchange for index funds -- there's a multitude of other options for what to do with their new-found wealth, and it's an unrealistic to think 100% of them will buy a Bay Area house.

beambot 8y ago

From the article: > Compass states 5,644 properties were sold in the city last year, 2,208 of those were single family properties and software employees represented more than half of the buyers. 10,000 home buyers would take 2 years to consume all SF properies and 4 years to consume single family homes.

JMTQp8lwXL 8y ago
That's assuming every millionaire wants to buy a house, and doesn't already own one. I think it's a bit charitable to say 100% of newly minted IPO millionaires are willing to extend themselves that far, especially with the widespread belief that we are are on the verge of a recession.