Palo Alto considering subsidized housing for families with $250k income (San Francisco: real estate, 2013)

[Nema98]

I was born Palo Alto and I say shame on my city! Their priorities are totally ph-Ucked up.

Perhaps a takeover of East Palo Alto types will do them good.


Insane.

[Chuck5000]

neutrino78, you have said so many incorrect things in so many posts in this thread, I don't even know where to start. You have the opportunity to learn from some smart people here, but you are stuck in your rigid little box.

[neutrino78x]

Sorry chuck, it is correct that the median salary in Silicon Valley is 100k.

It is also correct that 250k is not middle class in the Bay Area or anywhere else.

It is also correct that being unable to purchase a single family home in an excellent school district in a given area does not constitute being unable to live there.

I, of course, am also very smart. 96th percentile on CTBS, 72nd percentile iq as of the last scientific test, 80 on ASVAB, qualified in submarines, 4 courses from an AA in computer network administration. Offered by Johns Hopkins University to skip high school and attend jhu as a freshman at the age of 14 upon graduation from their accelerated program, with a full ride scholarship.

[neutrino78x]

Nema98 is correct. I agree with her post.

[plot]

250k is middle class.

Upper class according to wiki:

The American upper class is estimated to constitute less than 1% of the population.

The main distinguishing feature of the upper class is its ability to derive enormous incomes from wealth through techniques such as money management and investing, rather than engaging in wage-labor or salaried employment. Successful entrepreneurs, CEOs, politicians, investment bankers, venture capitalists, stockbrokers, heirs to fortunes, some lawyers, top flight physicians, and celebrities are considered members of this class

investopedia.com (2016)

Who constitutes the 1% if you just look at the U.S.? Not surprisingly, it takes a massively higher income to crack the top percentile of wage earners: You’d have to make $434,682 in adjusted gross income to make the cut, according to the non-partisan Tax Foundation.

And to rank amongst the highest 1% of Americans by wealth? That requires net assets of more than $7 million, based on the latest Federal Reserve figures.

Based on the Internal Revenue Service’s 2010-2014 database below, here’s how much the top Americans make:

Top 1%: $380,354

Top 5%: $159,619

Top 10%: $113,799

Top 25%: $67,280

Top 50%: >$33,048

How close are you to the top 1%? - CNNMoney
This website lets you play with some slider to see what % of people make that income in the US.

Were does it say 250k+ income a year is the 1%. 250k is middle class. It is certainly not upper class since the upper class are in the 1% category and they have incomes of 400k+. I guess you could say they are Upper-middle.

Most people in the upper-middle class strata are highly educated white collar professionals such as physicians, dentists, lawyers, accountants, economists, urban planners, university professors, architects, psychologists, scientists, engineers, optometrists, pharmacists, high-level civil servants and the intelligentsia. Other common professions include corporate executives and CEOs, as well as some moderately successful business owners.

I remember awhile ago 100k use to make you the 1% but things have changed!

[WithDisp]

Originally Posted by neutrino78x

Not really. It just means that the middle class in that area do not own single family homes. They might own condos. They might rent.

Just because you can't own your own sfh in a given area doesn't mean you can't live there. I live here and I can't own a SFH here.

I can't think of anywhere in the USA that one could buy a SFH on $11.25/hr lol...but I still live here. You can, too.

Newsflash : You can't afford to live here.
Stop trying to give advice to other people.
No one would rent to your income level.

[neutrino78x]

Originally Posted by WithDisp

Newsflash : You can't afford to live here.

WRONG.

I live here, dude. I pay rent here in Silicon Valley.

If I can do it, you sure as **** should be able to do it.

Stop trying to gi
ve advice to other people.
No one would rent to your income level.

Not by myself, but they will rent to a group of people, within which each individual is at my income level. If you think otherwise, you just don't know what you're talking about.

[roadwarrior101]

Originally Posted by neutrino78x

Plot and jade408, a family could presumably rent an apartment or condo.

According to city-data, middle class in Palo Alto is the same as the rest of Silicon Valley, about 100k.

The "trappings of the middle class lifestyle" is something you get out in the middle of nowhere, not in a world class city like New York or the Bay Area. Here a middle class lifestyle involves renting an apartment or buying a small condo. Or renting a small condo.

The definition of "middle class" is skewed across the valley, but particularly in Palo Alto for the following reasons:


1. After the passage of Prop 13 in the late 70s, there was less incentive for many folks to move (locked in much lower property taxes). As such, those that have been living in their homes for years/decades have lower incomes on average. Anyone who is looking to buy now would need a much, much higher income to afford a house.
2. Many college students live in PA (rent). They'll obviously be skewing the numbers much lower

[bentobox34]

According to my Facebook feed, the city of Palo Alto did not actually recommend or consider subsidies for families with $250k income. They heard an item on a range of strategies to increase housing supply and options for households that are above the range to qualify for affordable housing (e.g. above about $100k for a family of four), but still have trouble finding adequate housing in Palo Alto's housing market, specifically public employees, teachers, fire dept, police, etc. The possibility that this could provide assistance to folks earning up to $250k came up in the public comments, and CBS blew it out of proportion. That's all. The number $250k does not appear in any written recommendation or policy from city staff, the planning commission or city council.

[Ultrarunner]

Originally Posted by roadwarrior101

The definition of "middle class" is skewed across the valley, but particularly in Palo Alto for the following reasons:


1. After the passage of Prop 13 in the late 70s, there was less incentive for many folks to move (locked in much lower property taxes). As such, those that have been living in their homes for years/decades have lower incomes on average. Anyone who is looking to buy now would need a much, much higher income to afford a house.
2. Many college students live in PA (rent). They'll obviously be skewing the numbers much lower

Pretty much the same for most goods... the cost to purchase is not static.

The home I could afford to buy in 2012 has basically doubled and this is just 4 years.

My 3/4 ton truck cost $11,000 new... you would be hard pressed to replace it for 3 times the cost.