And what percentage is it for a single google/apple/facebook employee? If they make 250k a year, and the mortgage is 10k a month, thats almost 50% of net.
Sounds like its extremely bad for everyone.
Sounds like its extremely bad for everyone.
Look, if you got a starter house let's say 5 years ago for let's say $800k, and now that house is worth $1.1M, but what you want to do is move into a 3/2 or something that used to cost $1.1M, that same better house now costs $1.5. Instead of having to add $300k equity, you have to add $400k. But actually, what's happened is that houses in like the 6th to 8th decile have appreciated more than houses in the 1st to 4th decile, so you probably have to add $500k.
The only people this is good for are people who own a separate property purely as an investment, and people who are moving out of the area or downsizing their houses.
A guy I grew up with did this in Queens. He bought a house in the old neighborhood for $200k in the 90s, sold it for nearly $2M, bought an estate upstate for around $500k. His drive to Manhattan is about the same as the shitty bus/subway odyessy without the bullshit. If the weather is awful, he gets a hotel in the city.
HN is weird about this. If we had a king that ended zoning, everyone would be displaced anyway. When your block was ruined by apartment towers and street retail. That’s what happened to my friends former neighbors when his former 50x100 lot was turned into 18 condo units.
Can you show me people who don't think this way?