Posted on 05/06/2018 11:09:27 AM PDT by artichokegrower
So which is it: Are people fleeing California and the Bay Area for cheaper housing, or swarming here for high-paying jobs?
The answer is: both. A flurry of recent population reports have painted a confusing picture.
(Excerpt) Read more at sfgate.com ...
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.
...bums....
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.
“California’s leadership won’t be happy until it becomes one border to border slum.”
I think you’re sadly mistaken DO! There are enough affluent sub areas in the Bay Area to keep that from ever happening. As for the “outward migration,” bring it on, the Mexicans will leave when there are fewer jobs and they can’t get housing. They don’t have the education or skills for high-tech, and agriculture here is automating at a very rapid rate. The “homeless problem,” isn’t with our immigrant population, it’s with the White $hit that moved here from the East Coast. We have a security problem on commercial property we own in Napa, and I can tell you the people we have the cops remove, are not Hispanics! We only wished that the stock market had been as good to us as has California real estate. I know it’s wishful thinking, but I’d like to see a population level here like it was in the 1950’s and 60’s when I was growing up. It was paradise!
For amusement purposes...can you tell me what their employment was?
That is true. There are many more millionaires in China now compared to just 15 years ago.
Not to mention there are still waiting lists of suckers that will pay that much.
“It’s when the people who can afford say “nope” that’s when prices drop.”
But you’ve answered your own question. The people who can afford to stay are not leaving, so the average income level is rising. The home across the road from us just sold a year ago to a young couple “moving up.” They have grade school kids, and enough income to purchase a $2.2 million home! Farm workers aren’t going to ever afford that kind of home price, and as agriculture automates, they will be forced to leave.
The other issue respecting SF Bay Area housing is that there isn’t any land left. Housing isn’t affordable because there is no stock, and little prospect of any large-scale building of same. As it is, people are being forced to commute to their jobs from the Central Valley. I had a guy working for me in a San Jose high-tech company as a warehouse supervisor. He was driving 50,000 miles a year just commuting!
“...why is it still so costly?”
Duh. If it were not costly, they would be going back.
Most of the buildable land is gone. South San Francisco wanted to build a high-rise residential complex in my neighborhood, 15 stories or more. My neighbors screamed at the city council and got them to reduce the scope to 8 stories. Our neighborhood is mostly 1 and 2 story residential homes. City leaders say we need the housing, and it's being built a couple blocks from the BART station, so they just approved a builder. Only way to create more housing is to go up, high-rises. Jobs are plentiful, housing is scarce. Even after building these complexes, it won't keep up with demand. More tech companies are building here and bringing in more workers.
Who is leaving? Immigrants?
No it’s the middle class.
What you will wind up with is vast areas of slum, while there will still be islands of the affluent.
In Los Angeles the homeless are just mushrooming. They’ve spread out across the city, and now there are encampments even in more upscale communities. There they scurry around the area during the day, only to return at night to pilfer what isn’t glued down.
I know of an area that was quite upscale, and now they are experiencing thefts at night, and even bold incursions during the daylight hours. It is bad.
The illegal-immigrant type populace is expanding through formerly decent White middle class areas. More bars on windows and gangs in former safe decent neighborhoods. I can’t even travel to certain areas after sunset.
Blacks are moving out of their traditional areas to places like Adelanto and Victorville. I suspect other areas are feeling this type of movement.
These used to be area you could move to, to avoid inner city crime. Now these areas are also afflicted with inner city problems.
Yup. Half a year ago my wife sold her mother's house in SF. We priced it at $1.2M to match comparable sales over the last year. It sold 1st week of open house at $1.5M, several hundred thousand over asking with multiple bids. Went to a tech couple. Last week, a similar home down the street a couple blocks went on sale at $1.3M and sold for $2.1M, $800 thousand over asking, and was an all cash offer and the home never made it to open house. Most likely an overseas buyer. Crazy shortage of housing with money-bag buyers.
Demand and supply
It’s simple
More demand than supply
Remember the rental market is the only real market
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