[FoRK] Does this real estate boom remind you of the dot-com boom?
kra at monkey.org
Wed May 18 10:34:16 PDT 2005
Udhay Shankar N <udhay at pobox.com> writes:
> At 04:58 AM 5/18/2005, Damien Morton wrote:
> >They basically said that you could rent an $800,000 house in San Fran for
> >$2000/mo, and that given that balance, and using average figures for
> >rent/housing/wage appreciation, that youd come out $150K ahead after 8
> >years of renting, compared to buying.
> Can anyone point me at a good article / study on where all the
> middle-income folk working in the Bay Area live? Say, schoolteachers,
> policemen, grocery store employees, etc. It seems that many of them can't
> afford to either rent or buy in the Bay Area itself.
They sleep on the BART during their commute. Those that can't afford
to live that close sleep in their cars during their commute.
I really realized that SF wasn't a nice place anymore when the city (I
forget who specifically) proposed opening subsidized housing for
teachers on Treasure Island (a landfill in the bay with abandoned
military buildings on top of it), since the average teacher's salary
was below the local poverty line. Yay, projects just for teachers!
This was before the end of the tech bubble.
Karl Anderson kra at monkey.org http://monkey.org/~kra/
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