Sounds like you're saying it's sad if someone other than a current Bay Area homeowner "has to" leave
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yes, that would be correct.
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Unfortunate reality: the Bay Area would be a better place if a lot of people left
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But which people are going to leave? Not the wealthiest. If you're in Hayward, man...oh man, you are just one Dumbarton bridge away from Facebook's HQ and they are asking for another 20K workers, which Menlo Park almost certainly isn't going to build for.
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Also the problem that even once housing starts to be built at scale again, the demand is so under-supplied that the first X thousand units across the region won't change this dynamic much. Need 100,000s of new homes, and that's going to take a while, even with 827 level reforms.
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As Realtor new to CA (Lafayette) I’m stunned how things operate. I couldn’t design a system better suited to turn people away. We rent because we can’t afford to buy. I will be better off buying multiple rentals in Ohio than trying to buy here. If we stay.
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For grins, I just checked on the modest house in Palo Alto where I lived as a student. Maybe it’s been fixed up, but it has not been enlarged. Per Zillow, the value went up $300k in the last 30 DAYS. This. Cannot. Continue.
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Indeed. We'd like to buy a bigger house, but prop 13 distorts the economics of buying and selling. Property taxes would be nearly double for a house worth 20% more. It'll probably become a rental someday; too lucrative to let go.
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I was thinking about this a bit today... while walking past a bunch of $2m estimate homes. There's a good chunk of people who own homes who own them for living in them, not for the price appreciation. They're not rich, but live in high valued real estate.
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For example, I'm not planning to move. I plan to stay and work here and watch my kids go to school here. The price of my home may fall by 50% or rise by 50%. It's what we do for those who want to come in that shapes the future of our community.
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