4 ms·
Imagine being a young adult with parents in the Bay Area, and you didn't happen to major in tech or biotech or anything that pays well What should someone do i
by matrix87 3y ago
Imagine being a young adult with parents in the Bay Area, and you didn't happen to major in tech or biotech or anything that pays well
What should someone do in that case? Move to a cheaper area? It isn't all that obvious
- gnicholas 3y agoI went to an alumni gathering in Palo Alto in 2007 and talked with a middle-aged dad about this. He was very clear-eyed: kids who grow up here do not have a right of return. The people who can pay for property here — largely due to jobs at fast-growing companies — will be the ones who live here in the future. There is some level of parental wealth that will allow children to live here, even in the absence of a job that can pay the mortgage. This tends to be Atherton- or Woodside-level wealth.
- seanmcdirmid 3y ago> He was very clear-eyed: kids who grow up here do not have a right of return. The USA doesn't have a residency system, so this is true throughout the country. Some form of rent control (inheritable) or a hukou system could change that, but I don't see it happening for awhile, and kids who didn't grow up "here" would complain that they weren't allowed to live in that place (either via a legal restriction or a system that raises the barrier of entry for new residents like rent control).
- gnicholas 3y agoThis sort of exists in NYC, and I mostly hear about abuses. For example, people inherit a rent controlled apartment and sublet it to someone else at market rate.
- seanmcdirmid 3y agoSubletting rent controlled apartments at market rates is common wherever there is rent control.
- deleted 3y ago[deleted]
- jcadam 3y ago> tech or biotech or anything that pays well Go into plumbing. Plumbers around here in my small rural area charge $200 just to show up. It's probably more in the bay area.