It's sad to see long term residents getting priced out of a community, and the city/neighborhood turning into playground/home of mostly rich.

Same thing is happening near Silicon Beach in southern California, that is coastal cities near where Youtube/Google/snapchat have HQ or satellite offices.

Santa Monica housing price has long ago gone Manhattan, NY like. Just use google map and realty websites, and check house price history in cities adjacent to Santa Monica.

It's gone up 100% or more in last 5 years or so. It is not uncommon to see a 50+ year old house with little land get sold for nearly a million dollars, and be razed/remodeled into an easily 2 million or more house.

Some retiree who sold the old small house certainly made bank.

But who has 2 - 3 million dollars or the ability to take on a debt of that magnitude?