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Most of the people graduating in bay area cities are forever priced out of living in their hometowns already. Tech is largely to blame at this point because it
by 01100011 5y ago
Most of the people graduating in bay area cities are forever priced out of living in their hometowns already. Tech is largely to blame at this point because it fuels the extreme valuations. Without tech, prices would still be high because of lack of new supply for the growing population, but we left that price zone years ago.
- 34679 5y agoI don't think we should be pointing any fingers at locally employed people who purchase a home to live in while we're still allowing foreign investors to buy up multiple properties they'll never step foot in. >The percentage of California single-family homes bought in all-cash transactions has climbed in the past decade from 10 to 25 percent—and many of those are investors from Asia. https://calmatters.org/housing/2018/03/data-dig-are-foreign-investors-driving-up-real-estate-in-your-california-neighborhood/ https://calmatters.org/housing/2018/03/data-dig-are-foreign-...
- wumpus 5y agoPeople buy homes in Menlo Park with all cash because there will be multiple bidders and not being contingent on mortgage approval is the only way to win the bidding. Most of them then go and get a mortgage. The calmaters article has zero data about "investors from Asia". It's an assumption.
- erik_seaberg 5y agoThe median resident doesn't work in tech; even here we're only something like 15% of the population. It's mostly cash investors who don't necessarily live here that can sustain these prices, at least for the moment.