Tech bubble burst on the horizon? (best city, neighborhood, tax)

[xani]

Originally Posted by Chuck5000

I do think that anyone who does not have children simply does not need to buy housing in the Bay Area, that is a luxury. Homeownership has become a religion in the US; people have come to think that it's a slam dunk investment. It is not. Housing is useful, and *sometimes* returns very well, historically. If I did not have kids, I'd be happy renting forever here (unless I just had so much money buying was easy - but that will never happen, sadly.)

Anyone who thinks that the steep appreciation in the last 20 years of Bay Area real estate is guaranteed forever, and therefore everyone MUST buy, EVEN if they aren't going to stay long term, is foolish.

Separately, but related to homeownership-as-religion, I hear of young single people moving here and getting bummed out that they're earning 140k, and they're pissed off they can't buy their own house. I think that is stupid; the price of entry is the price of entry, and dual professional incomes or a single very high income is the price. Now, of course, I think the region should be adding 200,000 housing units and expanding rail, etc....but the pace too little, too late.

I think the region actually should be doing the opposite and forcing new businesses and people out, to other cities, it's not like the place is made of rubber is can stretch to no end. Should force policies allowing telecommuting, also and tax companies that don't encourage this.

May be owning in the most desirable region can be a luxury, but owning in general is a basic necessity, I believe. In many 3rd world countries there's much higher percent of housing ownership, this speaks volumes. But with jobs being concentrated in few monster areas, like SF, and not dispersed over smaller towns, people simply can not own a home anywhere, as there're not that many jobs outside of big cities, and big cities have astronomical housing prices.

Also, not clear to me why someone who's a US citizen should lose housing big to China mafia cash, and thus consider ownership a luxury. Most countries don't allow foreigners to own property or land, the only sane solution, anything else is a treason, by corrupt politicians.

[xani]

Originally Posted by Netflix

Staying on topic. Here is a panel (10/2016) discussing the possibility of a tech bubble. One comment towards the end of the video:

"I'm certain that a higher percentage of employees in Silicon Valley are working for money losing companies than anytime since 1999. I'm certain of that."

Where Is the Valley Headed? | Vanity Fair

Sounds frothy.

Vanity Fair always spews some garbage which its masters (whoever is in power at the moment) ordered it to publish. If they started getting on tech bubble topic, does it mean, after election, the elite is planning to crush things?

[xani]

I think, with "internet of things" (aka all stuff like fridges, etc being connected to the internet and talking to it), on the horizon, and fools being easily brainwashable into thinking they need all the new junk....tech bubble burst might not be materializing in near future. If they manage to convince the fools they need internet everywhere, from their toilet bowls to their mail box, they might drag the tech bubble for some time more.

[beb0p]

Originally Posted by xani

I think the region actually should be doing the opposite and forcing new businesses and people out, to other cities, it's not like the place is made of rubber is can stretch to no end. Should force policies allowing telecommuting, also and tax companies that don't encourage this.

Very funny.

Originally Posted by xani

May be owning in the most desirable region can be a luxury, but owning in general is a basic necessity, I believe. In many 3rd world countries there's much higher percent of housing ownership, this speaks volumes. But with jobs being concentrated in few monster areas, like SF, and not dispersed over smaller towns, people simply can not own a home anywhere, as there're not that many jobs outside of big cities, and big cities have astronomical housing prices.

First of all, owning housing is not a basic necessity. Having a roof over your head is, but you owning that roof is not a basic necessity.

Second, there are plenty of cities where housing is still affordable.

Originally Posted by xani

Also, not clear to me why someone who's a US citizen should lose housing big to China mafia cash, and thus consider ownership a luxury. Most countries don't allow foreigners to own property or land, the only sane solution, anything else is a treason, by corrupt politicians.

Most countries DO allow foreigners to own properties.
.

[boulder2015]

Originally Posted by beb0p

Very funny.




First of all, owning housing is not a basic necessity. Having a roof over your head is, but you owning that roof is not a basic necessity.

Second, there are plenty of cities where housing is still affordable.




Most countries DO allow foreigners to own properties.
.

Yeah, sorry, xani, youre just all kinds of wrong. Sentence by sentence...

[Chuck5000]

xani, in my dream world, there is a level playing field for builders of rental and for-sale prices, and good planning, and state-level land use control, so NIMBYism is kept under control and areas can grow - wisely. When limits are reached, growth can be channeled.

In Western Europe today, there is so much high quality rental housing, well located, well priced (market price) and in good condition - for middle class people, not housing projects for the poor - that home ownership is much lower than in the USA.

[xani]

Originally Posted by Chuck5000

xani, in my dream world, there is a level playing field for builders of rental and for-sale prices, and good planning, and state-level land use control, so NIMBYism is kept under control and areas can grow - wisely. When limits are reached, growth can be channeled.

In Western Europe today, there is so much high quality rental housing, well located, well priced (market price) and in good condition - for middle class people, not housing projects for the poor - that home ownership is much lower than in the USA.

I don't know about Western Europe...I'm from Eastern Europe place where home ownership had been hovering around ~90+%. I recall it always was quite a shocker and pity felt if it was discovered that one did not own housing. Such person was considered destitute. Only poor gastarbeiter, usually.

[xani]

Originally Posted by boulder2015

Yeah, sorry, xani, youre just all kinds of wrong. Sentence by sentence...

Oh people did get brainwashed by the corporate overlords/elites that they shouldn't own a home....RENTAL SLAVES is a much better controllable state of persons! .... one illness away from the streets...or to the projects you go, druggies be your neighbors... oh well whatever happened to that old American dream...America is being destroyed, clearly.

[xani]

Let's review a simple plan: a) concentrate jobs mostly in large metros b) prohibit telecommuting c) have rental slaves stuck in tiny cages paying insane rents, short of eviction and the streets any time, or have corporate slaves commute horrendous distances d) Bingo!! Got these slaves by the balls and profit $$$. Controllable. Staring in their smartphones in little city cages reading what elite tells them to do next, whom to vote for, through Facebook at all and whatever other social engineering engines.
So easy to pull the plug on them now. Would take one terrorist attack or big outage to scare them to vote for whoever.

[Netflix]

Originally Posted by xani

Vanity Fair always spews some garbage which its masters (whoever is in power at the moment) ordered it to publish. If they started getting on tech bubble topic, does it mean, after election, the elite is planning to crush things?

I don't know anything about Vanity Fair but if you watch the video you will see there are three Silicon Valley industry professionals who convey their opinion about the industry, its funding, and their opinions if a bubble exists. There is no conspiracy or controlled message happening there.