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That real estate agent makes my skin crawl, especially at the end of the video.
My heart hurts for that lady who has to get up at 5:00 AM every morning and has a 4 hour commute back home at night where she doesn't get home until 8:00 PM. What kind of a life is that?
I am shocked that UC Berkeley is predicting that the exodus from California isn't even halfway over yet. I knew it was bad but I didn't know it was that bad.
But the worst part of the situation is all the homes snapped up by Chinese investors that just sit empty. Meanwhile, people who grew up there are being displaced and forced to leave. There is something seriously, seriously disturbing about that.
BlueFox :
The Chinese nationals propping the market up are scared to death that their government will continue to devalue the yuan so they are smuggling money out of the country in epic proportions and purchasing hard assets.
The other thing to remember is that when our grossly over-valued stock market eventually corrects, the NASDAQ---which is mostly comprised of tech stocks---will take the biggest hit. That will cause massive layoffs in Silcon Valley. Much of the start-up VC is already drying up.
And while SF/Bay Area may seem real bad.....Vancouver/Toronto and Australia housing bubbles are far worse.
The great thing about city-data is that most folks posting are old enough to remember when the same thing happened in California during the late 80' early 90's when California was flooded with Japanese nationals with suitcases full of actual cash......and look what happened shortly thereafter.
As to the agent featured in the a video - he's a real beauty isn't he..
They should pay them market based salaries or do without. Problem solved.
I'd def agree but; many what used the be "middle class" jobs would be filled by illegal aliens in Calif. Tho I DON'T know how the hell jobs that CAN'T be sourced out to illegals like police officers; how they can survive in LA or worse, SF.
I'm NOT impressed at all; especially at how cluttered the Internet is in 2016 with garbage like scads of ads on different web sites. Even easy to use Hotmail's now a stupid mess since Microsoft now calls it "Outlook".
But the municipalities and schools still need workers. And there is going to be immense pressure against taking Police or Teachers up enough to make the area livable.
And that has to drive taxes out of sight...but that is going to be tough in Prop 13 land.
Subsidized housing may actually make sense.
I hate to say this but; I agree with you when talking about ESSENTIAL people like cops, nurses, FF's and so on.
My free market solution is to allow property owners to build more, denser, and cheaper housing
You seem to think the supply of housing is immutable.
That's the thing... the elites of the Bay Area want to take the best of capitalism and the best of socialism and stick the worst of both to the rest. They made their money off of capitalism but have absolutely no problem artificially reducing supply and increasing demand for everyone else with their NIMBY BS which is really just a thinly veiled attempt to inflate the value of their own properties as much as they can. Hypocrisy at its finest.
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