Sot the truth is finally revealed. The housing crisis in California is caused by immigration.
Immigration, rent control, zoning laws, excessive permitting process hoops, draconian environmental impact requirements, high taxes, etc.
Lots of techsters are flush with cash from soaring stock prices. It’s also about location. Many Asians put a premium on high local school test scores. I recently sold my home in Campbell Ca to a couple from India with school-age kids. They were bidding on the local community elementary school test score.
And, there’s not only immigration helping drive up the cost of housing, but also overseas investors buying property.
Most of the effort of reading “the news” these days is spent deconstructing liberal doublespeak.
Not enough people leaving, and not the right people. The people who can’t afford it leave, the people who can stay, that keeps prices up. It’s when the people who can afford say “nope” that’s when prices drop.
California’s leadership won’t be happy until it becomes one border to border slum.
I wish there was a law that stated if you voted Democrap you are not allowed to move. This is just like the Muslims, Sharia law wrecks their country then they come here and try to institute Sharia law. No no, F U, you shet in your bed now go sleep in it. You want absolute psychopaths running things then stay the hell away from me.
In certain areas it’s not even immigration.
Wealthy communists from China buy houses, not to live there necessarily but to have a place to escape to if need be.
“...why is it still so costly?”
Duh. If it were not costly, they would be going back.
Demand and supply
It’s simple
More demand than supply
Remember the rental market is the only real market
Most of those ‘high paid’ workers CANNOT AFFORD a house in the Bay Area. The majority of houses (at least in many Bay Area communities) are being purchased by foreigners, The escrow offices have had to print Chinese language instructions NOT to bring in suitcases of (hot) cash.
The escrow offices do not have security for multi=millions of dollars to be received or stored, even temporarily, on site.
(Even married couples where both work...at “high paid” professional jobs...if they insist on purchasing a house they mostly have to buy 50 to 100 miles OUT, away from Palo Alto/San Jose where most of them work. THOSE houses are mostly being purchased by communist Chinese money. Many of the neighborhoods are now Majority Chinese, though not all of the buyers come to USA...and other neighborhoods are now over 30 percent Chinese and Rising rapidly. There is also other foreign money buying up the houses, but most of its coming from communist China). FYI. Realtors are all trying to hire Mandarin speaking sales agents and clericals, and some brokers are now flying to Shanghai and Beijing to hold house sales seminars THERE. The realtors rent a fancy hotel conference room and serve nice free food and they sign up the investors to California houses...make the sales...right there at the hotels in communist China.
Because that’s the way progressives want it.
My sister bought a home in San Jose in 1974 for $50,000, she just sold it for $ 1,375,000.
It is the number of fools per square mile that causes those sort of things “out there”.
H1B Visa immigration is up; illegal alien invasion is up.
Native conservative emigration is up.