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The super wealthy diversify their investments: buying more businesses, investing in new ventures, expensive real estate. The silicon valley Engineering class us
by raincom 5y ago
The super wealthy diversify their investments: buying more businesses, investing in new ventures, expensive real estate. The silicon valley Engineering class usually buy three more homes in Austin, 2 more in Denver, etc. Whenever a desirable city appears on the radar (due to 0 state taxes or also companies moving to such cities), expect all new homes get scooped by the investors like those from the bay area.
Add NIMBY to this mix, with their pseudo-arguments about environment, parking issues, schools, zoning boards, zoning issues, local elections, etc. The end result: worsening housing crisis.
- olliej 5y agoWtf do you get “the Silicon Valley engineering class” usually buying a bunch of houses? I know many many people of “the Silicon Valley engineering class” that have had to spend years saving to buy just a condo in the Bay Area. I don’t know anyone in that class who’s out their buying multiple homes. The only people I know who have managed multiple homes are people who have two homes are those who lived in SF before moving to somewhere much cheaper. They worked in non startup fintech. The idea that multiple home ownership is even remotely “usual” is laughable and seems more an attempt to blame tech workers rather than the large companies that are actually buying up property.
- raincom 5y agoAt least I know of four people, who bought 3 homes each in Austin. Of course, they guys bought their first homes in 2011, and they work at FAANG type companies.