This article is really spot on. It feels like we're in a big speculative mess in Bay Area. The home-price-to-income ratio in SJ is about 20x [1] Anything over 3x used to be considered "risky". Let's say in Costal Areas it was be allowed to double, then you have 6x. That's good, not great, but ok. And that's about what pricy DC and NY cost. SJ is 20x. How is this possibly sustainable? Not even going to get into the dual income trap that only makes it marginally more realistic.

How is this good for average folks, like the ones that keep society running? How will this work in the long run? There will basically be two classes of people, the rich and the ultra poor who barely survive. I suspect poor don't have the money or the knowledge about elsewhere or they would be moving out in droves.

[1] - https://www.citylab.com/equity/2018/05/where-the-house-price... * I should note peak home prices in the last 12 mo were in mid july and houses have fallen by about 5%, so this ratio might actually be lower.