Quote:
Originally Posted by GeoffD
If you bought your Bay Area or Southern California house some years ago and have that 2 1/2% fixed rate mortgage, I don’t get the “not financially desirable”. California property tax increases are very limited. Your housing cost doesn’t increase and you’re paying the mortgage with inflated dollars so your standard of living keeps increasing. The Bay Area is the greatest tech job center on the planet and easily the most vibrant economy in the country. I know lots of Bay Area high tech people. Nobody is leaving because no place else has that opportunity. Berkeley, UCLA , and Stanford are invariably in any top 10 university list. The California state university system is easily the best in the country. Then layer in Stanford, Cal Tech, ….
Personally, both are far too congested for me but I’ve been to both a bajillion times on business and it’s easily the most economically vibrant part of the country. If you lack the job skills to afford the housing, you’re priced out but that is the case for the other vibrant intellectual property creation parts of the country, too.
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Only 55.3% own a home in Cali, 44.7% do not (as of 2022). Renters are getting pummelled there by unaffordable & rising rents.
Office occupancy in San Fran is only ~70% and falling, so the city is seen as less desireable by a lot of companies and workers.
Thousands of companies have left Cali in recent years, & may of them have been Fortune 500's. They took their jobs & people with them.
According to U.S. News and World Report, Florida has the overall best higher education ranked #1, and Cali's ranked #20. Doesn't matter how good they are, if most can't afford them:
https://www.usnews.com/news/best-sta...ings/education
Cali, & San Fran have become synonmous with the word "Exodus". There's nothing desireable about San Fran or LA according to this:
https://www.mercurynews.com/2023/05/...y-area-exodus/
San Fran & LA have both peaked, & are now in decline for desireability. People leaving, jobs leaving, stores shuttering, bums addicts filth & crime pervasive in both cities....nothing desireable about that.
Cali's losing its Tech hub, & the banks that invest in the Tech start ups are collapsing...nothing desireaable about that either.