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Old 08-22-2022, 01:02 PM
 
1,108 posts, read 528,564 times
Reputation: 2534

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Quote:
Originally Posted by blameyourself View Post
Can you explain who's buying the $1 million median homes in LA and San Diego, and the $1.6 million homes in San Francisco? Just curious.
Chinese nationals or first generation using old money or H1-B VISA people.

 
Old 08-22-2022, 01:31 PM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,562,707 times
Reputation: 3303
Quote:
Originally Posted by sav858 View Post
Existing homeowners upgrading, investors, foreigners, etc... does it really matter? The point was CA is no longer seeing positive net migration of higher income households like some people still like to claim.
Yeah it does matter when you're saying that the area is losing higher income individuals and yet prices are going up all over as are rents. Sorry, linking an article with no rationale on how that is happening doesn't pass the sniff test.

Last edited by blameyourself; 08-22-2022 at 01:40 PM..
 
Old 08-22-2022, 01:41 PM
 
Location: SF Bay Area
18,982 posts, read 32,644,089 times
Reputation: 13630
Quote:
Originally Posted by blameyourself View Post
Yeah it does matter when you're saying that the area is losing higher income individuals and yet prices are going up all over as our rents. Sorry, linking an article with no rationale on how that is happening doesn't pass the sniff test.
It's based off actual Census and IRS data and the article isn't about home prices so why would they provide any "rationale" about it? They are both about how CA is losing even high income earners now which for a state that relies so much on their tax revenue should be worrisome.
 
Old 08-22-2022, 01:50 PM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,562,707 times
Reputation: 3303
Quote:
Originally Posted by sav858 View Post
It's based off actual Census and IRS data and the article isn't about home prices so why would they provide any "rationale" about it? They are both about how CA is losing even high income earners now which for a state that relies so much on their tax revenue should be worrisome.
Yeah, and I asked you a question related to it, which you apparently can't answer. Again, housing prices continue to go up in all the metroplexes in California as do rents. If they are losing so many high income individuals, clearly prices couldn't continue to appreciate (and yet they do). Got an answer to why?
 
Old 08-22-2022, 02:07 PM
 
Location: SF Bay Area
18,982 posts, read 32,644,089 times
Reputation: 13630
Quote:
Originally Posted by blameyourself View Post
Yeah, and I asked you a question related to it, which you apparently can't answer. Again, housing prices continue to go up in all the metroplexes in California as do rents. If they are losing so many high income individuals, clearly prices couldn't continue to appreciate (and yet they do). Got an answer to why?
No one can because data isn't collected on that. Your question was just an irrelevant tangent on the two articles I posted that you think somehow disproves it despite them being based on actual data. Home and rent prices have risen all over the country, does that mean high income earners are moving to every corner of the US or something by your logic? CA already had a very limited supply of homes so it doesn't take much for them to keep increasing in price.

Your original statement in this thread was about "rich people" moving to CA, not home prices. The data shows "rich people" are no longer moving here to where there is a positive net migration/increase.
 
Old 08-22-2022, 02:08 PM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,562,707 times
Reputation: 3303
Quote:
Originally Posted by sav858 View Post
No one can because data isn't collected on that. Your question was just an irrelevant tangent on the two articles I posted that you think somehow disproves it despite them being based on actual data. Home and rent prices have risen all over the country, does that mean high income earners are moving to every corner of the US or something by your logic? CA already had a very limited supply of homes so it doesn't take much for them to keep increasing in price.

Your original statement in this thread was about "rich people" moving to CA, not home prices. The data shows "rich people" are no longer moving here to where there is a positive net migration/increase.
Hogwash! The question is completely relevant.
 
Old 08-22-2022, 02:09 PM
 
Location: SF Bay Area
18,982 posts, read 32,644,089 times
Reputation: 13630
Quote:
Originally Posted by blameyourself View Post
Hogwash! The question is completely relevant.
If home prices were directly correlated with high income earners moving in/out then it might be, but they aren't so no it's not relevant at all.
 
Old 08-22-2022, 02:22 PM
 
Location: Austin Metroplex, SF Bay Area
3,429 posts, read 1,562,707 times
Reputation: 3303
Quote:
Originally Posted by sav858 View Post
If home prices were directly correlated with high income earners moving in/out then it might be, but they aren't so no it's not relevant at all.
Oh it's relevant all right. Problem is, you go and use a source and don't have the intellectual curiosity to drill down on the information to understand the relevance and if what your referencing even makes sense. That's called not using any critical thinking skills. You couldn't have the housing appreciation and the rent appreciation that is prevalent in California if so many higher income people were truly leaving. Clearly the amount leaving compared to inflows is statistically insignificant and the point you are trying to make is meaningless.

Last edited by blameyourself; 08-22-2022 at 02:36 PM..
 
Old 08-22-2022, 02:40 PM
 
Location: SF Bay Area
18,982 posts, read 32,644,089 times
Reputation: 13630
Quote:
Originally Posted by blameyourself View Post
Oh it's relevant all right. Problem is, you go and use a source and don't have the intellectual curiosity to drill down on the information to understand the relevance and if what your referencing even makes sense. That's called not using any critical thinking skills. You couldn't have the housing appreciation and the rent appreciation that is prevalent in California if so many higher income people were truly leaving. Clearly the amount is statistically insignificant and the point you are trying to make is meaningless.
What I am referencing is hard data from the Census Bureau and IRS. It doesn't make sense to you because you seem to equate increasing home prices/rents with a net gain of high income earners. I'm simply pointing out that these "net gains" of high income earners that the state used to see are no longer happening. I didn't claim there was some large exodus of high income earners, just that there isn't any net gain anymore, which some people seem to think there still is.

Housing and rent prices increases are a nationwide issue with many locales seeing much steeper increases than CA. So by your logic, that must mean it's because of high-income earners moving there? Correct?
 
Old 08-22-2022, 03:47 PM
 
Location: La Jolla
4,211 posts, read 3,293,492 times
Reputation: 4133
Quote:
Originally Posted by Igor Blevin View Post

"Fleeing"

"Leaving in droves"

"Uhauls"

"Once great state"

The same copy and paste talking points/catch phrases that always pop up from the same politically charged sources. Meanwhile, if you're just a person living in CA, you don't see any of this. When people move, its for the typical reaasons.
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