At 2.7% that's 2.7% and .7% growth faster than wages.

Let's look at the bay's wage growth[0]: 11% (or ~1%/yr) from 2010-2020, but they removed CPI-U inflation[1], so it's something higher (annual was ~1-3% in that time period). Which puts the bay area housing at 5%+ higher growth, 2x to 7x worse than Spain.

So, once again - Spain is doing well when it comes to housing prices. Tourism frustrates locals because they think it's increased their housing costs wildly - but in fact it's because their economy is switching to a tourist economy unless they find an industry to grow.

[0]: https://bayareaequityatlas.org/indicators/income-growth?year... [1]: https://data.bls.gov/timeseries/CUUR0000SA0&output_view=pct_...