SF Officials Seek $5 Million To Protect Undocumented Immigrants From Deportation (rent, schools)

[zitsky]

Originally Posted by infocyde

The good Samaritan took action personally. He opened HIS wallet. He did not outsource his good works to the state.

And many of us open our pocketbooks to help the homeless, illegal immigrants etc. That doesn't mean the state should turn away and do nothing.

[Perma Bear]

Originally Posted by TasmanianDevil

Look at it from a different perspective. What right do illegal immigrants have to come to the US uninvited or approved by the government? Whatever happened to attracting the best and the brightest from around the world.

Or for some of you who can't understand why you would want to secure border, let me give you a different way of look at it. Do you live your house totally open and unlocked at night. Do you allow ANY person who decides they want to enter your house come in at any time of the night for any reason at all. Do you allow them to eat your food, sleep in your bed and then demand that you give them special treatment and not call the police for breaking into your house when you finally wised up and decided to lock your doors. Then do you feed. clothe and school them before you feed, clothe and school your own family? Why should I give an special privilege or rights to someone who showed up invited on my doorstep without even the courtesy to even knock or call before entering?

As for my retirement plan, I am not betting all my eggs on the stock market. The #1 investment I could make in my future, and did, is getting the best education I can and then working hard. Then I invested in real estate which makes more millionaires than any other way.

That's all well and good, but since homes here are 1 million dollars I don't have any other options.

[TasmanianDevil]

You can always relocate. Many people are fleeing highly taxed, expensive states for more affordable places. You don't get really anything for your money and there is an increasingly limited amount of people that can afford the higher and higher costs in the Bay Area. It is why my family bailed out. It is like the bigger fool syndrome in the stock market.

If interests cost tick up, it can crush the home values quite quickly. The cost of borrowing can kill a lot of deals. Also look at the amount of business and people fleeing California and I don't hold out much hope for it. Both wealth AND people are fleeing the state. Look at this website based on IRS data.

IRS Tax Migration | How Money Walks | How $2 Trillion Moved between the States - A Book By Travis H. Brown

Do the math, at some point with enough outflow, prices will decline. Even with a state as rich as California, it can't afford the drain of wealth and taxpayers fleeing to other states like TX, NV, WA, etc.

According to the IRS, Californa lost $56.44 billion in annual AGI* (adjusted gross income) in Wealth Migration 1992-2015. The rate is accelerating as well. According to the IRS, the Bay Area and LA are the most hardest hit with the wealth exodus in CA. Between Santa Clara and Santa Cruz counties, they are losing about $23 BILLION a year in AGI.

At some point only the Mark Zuckerburgs will be left and they only need so many houses... ;-)

[Perma Bear]

Originally Posted by TasmanianDevil

You can always relocate. Many people are fleeing highly taxed, expensive states for more affordable places. You don't get really anything for your money and there is an increasingly limited amount of people that can afford the higher and higher costs in the Bay Area. It is why my family bailed out. It is like the bigger fool syndrome in the stock market.

If interests cost tick up, it can crush the home values quite quickly. The cost of borrowing can kill a lot of deals. Also look at the amount of business and people fleeing California and I don't hold out much hope for it. Both wealth AND people are fleeing the state. Look at this website based on IRS data.

IRS Tax Migration | How Money Walks | How $2 Trillion Moved between the States - A Book By Travis H. Brown

Do the math, at some point with enough outflow, prices will decline. Even with a state as rich as California, it can't afford the drain of wealth and taxpayers fleeing to other states like TX, NV, WA, etc.

According to the IRS, Californa lost $56.44 billion in annual AGI* (adjusted gross income) in Wealth Migration 1992-2015. The rate is accelerating as well. According to the IRS, the Bay Area and LA are the most hardest hit with the wealth exodus in CA. Between Santa Clara and Santa Cruz counties, they are losing about $23 BILLION a year in AGI.

At some point only the Mark Zuckerburgs will be left and they only need so many houses... ;-)

Nah prop 13 will protect the older(read luckier residents). I'm just going to have to care for family until death.

[aslowdodge]

Originally Posted by Perma Bear

That's all well and good, but since homes here are 1 million dollars I don't have any other options.

There's a ton of houses that cost less than 1 million in the Bay area. If the million dollar mark prevents you from buying, why not lower your sights a little?

[Perma Bear]

Originally Posted by aslowdodge

There's a ton of houses that cost less than 1 million in the Bay area. If the million dollar mark prevents you from buying, why not lower your sights a little?

Even the east bay is 600k which is nuts. Even Antioch is 300k for a bad neighborhood

[TasmanianDevil]

It was pretty telling when I was living in Palo Alto (PA) that the lawyer who was a planning and transportation commissioner in PA gave up her position and resigned very publicly over the absurd housing costs. Her income was pretty good and her husband was a software developer. Even with their COMBINED incomes it wasn't workable for her and her family.

Read her resignation letter here:

https://shift.newco.co/letter-of-res...4f5#.f22kyexhb

Another good article here
;

The Palo Alto Planning Commissioner Who Resigned Over Affordable Housing - CityLab

Our family income is likely more than her & her husbands and we still couldn't make the economics work. A house like we have currently in another state would have been about 4.5 mil there. Our income levels would have had to be about 700k a year to qualify for the mortgage and need to put down about 1 mil.

The housing costs are just insane there. I remember people who were living 12 people in a house with people sleeping 4 people to a bedroom in 2 bunk beds. One guy was renting out a little futon in his GARAGE for $1000/month with no bathroom access and you could only sleep there Mon-Fri. He did give you access to a tiny little sink though.

How long can this housing market really survive?

[Perma Bear]

Originally Posted by TasmanianDevil

It was pretty telling when I was living in Palo Alto (PA) that the lawyer who was a planning and transportation commissioner in PA gave up her position and resigned very publicly over the absurd housing costs. Her income was pretty good and her husband was a software developer. Even with their COMBINED incomes it wasn't workable for her and her family.

Read her resignation letter here:

https://shift.newco.co/letter-of-res...4f5#.f22kyexhb

Another good article here
;

The Palo Alto Planning Commissioner Who Resigned Over Affordable Housing - CityLab

Our family income is likely more than her & her husbands and we still couldn't make the economics work. A house like we have currently in another state would have been about 4.5 mil there. Our income levels would have had to be about 700k a year to qualify for the mortgage and need to put down about 1 mil.

The housing costs are just insane there. I remember people who were living 12 people in a house with people sleeping 4 people to a bedroom in 2 bunk beds. One guy was renting out a little futon in his GARAGE for $1000/month with no bathroom access and you could only sleep there Mon-Fri. He did give you access to a tiny little sink though.

How long can this housing market really survive?

Decades apparently

[TasmanianDevil]

I doubt it will be decades going forward. There will have to be a correction you would think.

[Perma Bear]

Originally Posted by TasmanianDevil

I doubt it will be decades going forward. There will have to be a correction you would think.

As much as I hope for that it grows dimmer and dimmer