4 ms·
It implies that there's a housing shortage, and that housing is purchased by the rich and those willing to live above their means (or willing to skimp in non-ho
by akgerber 13y ago
It implies that there's a housing shortage, and that housing is purchased by the rich and those willing to live above their means (or willing to skimp in non-housing areas of their budget) bidding up the small quantity of available housing, and everyone else moving away. A similar thing happens in most expensive housing markets, driving the population growth in low-wage, easy-to-build areas of the Sunbelt like Texas, Arizona, and Nevada.
- nostrademons 13y agoOr alternatively, that everybody else doubles up and lives the bachelor lifestyle for a long time. Roommates are very common in the Bay Area, as is youth. The large number of 20-somethings just starting out in their careers skews median incomes downwards, and many of them don't have the same housing needs as someone with a family.