Every time someone says this, I have to remind people that the far more probable outcome is we become Palo Alto, where home prices rose *$700,000* in the last year alone from $2.6M to $3.3M than us ushering in 1920s Red Vienna style social housing.https://twitter.com/gibsopi/status/1004401551949979648 …
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Replying to @kimmaicutler @slightlylate
The most likely outcome is probably a return to company towns.
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More like “company districts” infilled in existing municipalities, but not likely. Today’ tech leaders are culturally and personally incapable of mastering the long-term risk & investment perspective required for complex real estate other than office assets.
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It’s becoming difficult to hire *anybody* because of housing constraints, and executives don’t even consider moving if they’re not going to be able to live in a house. I’m not convinced building a company town is hard, or takes too long to consider.
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Ask Facebook and Google how hard it is to build a company town. (Neither has been able to do it).
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Here, yes.
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Yeah, OK. It’s easier for them to price everyone out and work around the margins. I don’t see Facebook campuses in Sacramento or Lincoln NE. I see displacement of anyone not in tech from the Bay Area first.
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The problem with moving everybody is you hurt your own employees that did get houses. But there's a point where there aren't enough homeowners.
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My observation is that this is almost exclusively about (and for) executives. Most of these companies are structured around communication channels to execs. See also: open plan offices and "densification".
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Replying to @slightlylate @dakami and
Those folks are long-term, wealthy employees who can always cover the incremental costs to the next rung up. They also pay new folks a *lot* (in constant dollars) compared to when they started.
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So purchasing power parity calculations don't figure into it.
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Replying to @slightlylate @muni_d1 and
You'd be right, but *even* those families are being priced out.
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Not the existing set. The tribe is literally creating a moat that their parents started digging with Prop 13.
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