4 ms·

I lived in SF for a decade. You’re simply not paying attention if you think they’re the same market. Ask a 30-something FAANG employee living in SF if they’d t

by irq11 7y ago

I lived in SF for a decade. You’re simply not paying attention if you think they’re the same market. Ask a 30-something FAANG employee living in SF if they’d take a nice Menlo Park apartment over their place in the Mission. Or Palo Alto. Or even South SF. It’s just bizarre to suggest that these are equivalent.

novok 7y ago
Being a 30-something BigTech employee who knows a lot of other 30-something BigTech employees, they would choose any of those places depending on what stage of life they are in, what their commute is like and what their preferences are. Some like the mission, some loathe it, same with menlo park. Some will live in SF and take long commutes to menlo park, some will live in sunnyvale and take long commutes to SF! I know all of these types personally. But almost nobody will live in Reno, Salt Lake and commute daily via airplane to menlo park. You might find the 3 outliers on the news who do this, but I've never met or found anyone who actually does. The ones that have a life in a city that is a flight away will tend to rent a room in the work city and fly over once a week, thus participating in the local housing market. This commute distance limitation creates the city labor and housing market, and thus people who work in Mountain View would consider living in Santa Cruz, Berkley or San Jose, but they won't actually live in New York and fly over daily to make a silly example. Within any city itself, local variations exist. There are bad neighborhoods, nice neighborhoods. Party ones, not party ones. Big mansions and small studio apartments. Places close to lucrative jobs (mountain view) and ones that are far away but still commutable for the price a very long commute (Stockton). They will all be available in a housing market, but because they all participate in the same market, the supply / demand equation will still apply and thus set them all within a certain range of each other. An identical mansion in reno is a lot cheaper than the mansion in atherton for very good reasons. Jobs are what determine the demand for housing in a city, and interaction of that demand with the supply of housing available is what sets the price of housing in a place. Have you ever taken a economics class? I would suggest reading a book like order without design (twitter preview: https://twitter.com/devonzuegel/status/1079407914715103232 https://twitter.com/devonzuegel/status/1079407914715103232 ) to understand how cities work and to take some sort of econmics 101 class with the many online resources out there.

by irq11 7y ago

novok 7y ago

Being a 30-something BigTech employee who knows a lot of other 30-something BigTech employees, they would choose any of those places depending on what stage of life they are in, what their commute is like and what their preferences are. Some like the mission, some loathe it, same with menlo park. Some will live in SF and take long commutes to menlo park, some will live in sunnyvale and take long commutes to SF! I know all of these types personally. But almost nobody will live in Reno, Salt Lake and commute daily via airplane to menlo park. You might find the 3 outliers on the news who do this, but I've never met or found anyone who actually does. The ones that have a life in a city that is a flight away will tend to rent a room in the work city and fly over once a week, thus participating in the local housing market. This commute distance limitation creates the city labor and housing market, and thus people who work in Mountain View would consider living in Santa Cruz, Berkley or San Jose, but they won't actually live in New York and fly over daily to make a silly example. Within any city itself, local variations exist. There are bad neighborhoods, nice neighborhoods. Party ones, not party ones. Big mansions and small studio apartments. Places close to lucrative jobs (mountain view) and ones that are far away but still commutable for the price a very long commute (Stockton). They will all be available in a housing market, but because they all participate in the same market, the supply / demand equation will still apply and thus set them all within a certain range of each other. An identical mansion in reno is a lot cheaper than the mansion in atherton for very good reasons. Jobs are what determine the demand for housing in a city, and interaction of that demand with the supply of housing available is what sets the price of housing in a place. Have you ever taken a economics class? I would suggest reading a book like order without design (twitter preview: https://twitter.com/devonzuegel/status/1079407914715103232 https://twitter.com/devonzuegel/status/1079407914715103232 ) to understand how cities work and to take some sort of econmics 101 class with the many online resources out there.