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I 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 rig
by gnicholas 3y ago
I 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]