And what's going to kill them is that entry-level tech salaries are $100K, but $100K doesn't even buy you your own bedroom in SF and barely buys you one way out in the burbs.
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Replying to @poiThePoi @RedwoodGirl and
TBH $100k probably does still get you your own bedroom in SF (if you have $50k after tax you can pay $3000/month on rent and still have enough left over for other expenses), but you might still choose to share your room and spend the extra $1500/month on something you value more.
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Replying to @threestationsq @RedwoodGirl and
If you meet 60+-year-olds, quarantine like one Retweeted Kim-Mai Cutler
Yeah, that's probably fair. Though given that housing values are going up 33% YOY, that won't last. And then 20-somethings don't show up to work at Google in Mountain View anymore (much less startups) and Silicon Valley dies.https://twitter.com/kimmaicutler/status/989027205001891841 …
If you meet 60+-year-olds, quarantine like one added,
Kim-Mai CutlerVerified account @kimmaicutlerI mean, it’s like... I really don’t even know what to say when@CoreLogicInc is reporting that home prices went up by 33.6%, 25.7% and 23% in a **single year** in Santa Clara, San Mateo and Marin counties. https://www.sfchronicle.com/business/networth/article/Bay-Area-home-prices-surge-median-now-820-000-12860694.php … pic.twitter.com/h8ZFTNMDAg1 reply 0 retweets 0 likes -
Replying to @poiThePoi @RedwoodGirl and
I think rents aren't going up quite that fast, more like 10%? And tech salaries are going up too, though more slowly.
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Replying to @threestationsq @poiThePoi and
Rents are not going up as fast as home values. Home values in the South Bay are pretty decoupled from rents it feels like.
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Replying to @kimmaicutler @threestationsq and
My personal favorite is the $1.575 MM house in Mountain View that rented for $5000/month. Back in 2015. I'm not usually a fan of the "Crazy Chinese Investors" theory, but... WTF?
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Replying to @poiThePoi @kimmaicutler and
I think there has been some increase in the number of foreign investor-landlords bidding up sale prices. But who cares what nationality your landlord is?
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Replying to @threestationsq @kimmaicutler and
I just don't see why you'd buy a $9,500/month house that rents for $5000/month. I bought a $2700 co-op that rents for $2000 in NYC and I'm going a quiet WTF myself. But if that's how you got your money out of China...
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Replying to @poiThePoi @kimmaicutler and
Well, if values rose 33% a year, that house appreciated by an average of $60k a month in addition to the $5k/month rent, so it's hard to fault their results.
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Replying to @threestationsq @kimmaicutler and
Fair enough.
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Or you’re just using it yourself and not renting it out.
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Replying to @kimmaicutler @threestationsq and
Would still ask why you'd buy at $9,500 than rent at $5,000, even with the price appreciation, but still fair.
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