What moral obligation do I owe to a speculative market growing beyond my control?
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That is a very good question! I think starting to understand that when your property gets more expensive, it simultaneously means that it is less affordable to other people and therefore you are financially benefiting from things becoming unaffordable is a good conceptual start.
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Fortunately after refusing to endorse SB 827, home prices will stabilize and condos will be available to families at all income levels.
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you notice in the chart that the condo prices are flat, but the home values jump by $300K a year, right?
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FOLLOW THE MONEY! and that trail will lead you to the people who dictate housing policy in California...HINT...when you get to then end of that trail, you won't find any greedy developers.
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What’s truly stunning about that data is that anyone who bought a house in San Francisco 6 years ago has amassed almost a million dollars in equity. That’s insane.
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yep.. in my occasional sideline as professional house/pet-sitter (doubles as housing anthropologist), I've often made that calculation about some Bay Area home I'm in, that it earns $1000/day. Stark, but helps explain why they pay or allow me in to look after the place.
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You are not alone
@kimmaicutler . I am affraid this is a story of most major global metropolitan centres in the western world. Easy money for very long time, global demand from nouveau riche, recovering economy. We are likely not far from a peak. http://www.torontohomes-for-sale.com/Toronto-average-real-estate-property-prices.html …Thanks. Twitter will use this to make your timeline better. UndoUndo
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Paris, London, Singapore, et al. real estate costs 2x-5x per sqft than SF. Look ahead, not backwards.
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Did they explode in the same way? Those are much much much older (and larger) cities. Bit of apples and oranges in my opinion.
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