It’s basically an expanding bubble of un-affordability - as one neighborhood goes beyond what 2xTech Salaries can afford, it levels out and moves to the next farther out neighborhood.
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I wonder if condo fees moderate changing prices similarly to how property taxes do.
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Which is why we should build a lot more condos.
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12%, yes, but that's unlevered. Get a (gov-subsidized) mortgage and your IRR is much higher. And the after-tax returns get even better after chowing down at the trough of government handouts err subsidies for the those poor downtrodden SF homeowners.
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