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Comment by SQL2219 | Hacker News Reader

The median selling price of a single-family house in San Francisco spiked by $113,000 from the crazy spike and peak in May, to a new record of – fasten your seat belt – $1.588 million

https://wolfstreet.com/2017/11/06/san-francisco-house-price-...

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I don't need to fasten my seat belt, this makes perfect sense. The supply and demand of homes drives the prices, as well as some other factors, and this is simply what people who are paid a lot of money are willing to pay.

There is a clear issue if even well paid professionals (e.g. people on $150 to 300k a year) are having issues purchasing properties.

Then paid professionals should stop moving there, and home prices will equilibrate.

Alternatively, increase supply.

When good jobs of a certain industry are concentrated to such a small area of the country, "stop moving there" really isn't much of an option. We need to find a way to spread the jobs out a bit, because it should be obvious that the companies employing those professionals have no incentive to do so without outside intervention.

They're really not that concentrated. The idea that, if you're in a tech-related field, your life is effectively over if you don't move to the Bay area is complete nonsense.

It's driven more by people who own for a living that people who work for a living.

Given the extreme level of wealth inequality, no, it's not surprising though.

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