If the economy if booming, but people aren't having kids, then the economy ain't gonna boom for long, on an evolutionary timescale.
TIL the median house price in the Bay Area is $996,000
http://www.vitalsigns.mtc.ca.gov/home-prices .
In Palo Alto, it's $2.8 million. When I visited Stanford two weeks ago, most of the young faculty said they could never dream of owning a home or having kids there.
#housingfailpic.twitter.com/XtRdS7aKzo
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Density policy and housing-restrictive zoning make it a place where people like to stay, I think that's why people pay so much to live there
End of conversation
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What about all the young families trying to make it in the hills of Santa Fe?
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Cambridge & Oxford no different
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I have friends who bought a house in Palo Alto quite a while ago...it's a modest 3 bedroom house with a tiny yard the size of a normal patio. Their next door neighbor is a professional basketball player who bought a very similar house for 2.5 million.
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