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.
And the existing set doesn't see or feel these dead weight losses accutely. Imagine you moved here 10 years ago and bought a house then; how is life *not* good for you now?
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Retention among the 10 year ago set is not amazing. Every day the executive balance shifts, if only because the companies are *bigger* and there's more executives in absolute numbers.
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Ah, but here's the subtle thing: if your firm already has a bias towards Bay Area availability, you get 2 sorts: those who will put their families in a shoebox (or do without families), or the existing set. Prices for both are lower than Pareto-optimality under solidarity.
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