17 karma · joined September 5, 2012
Secondly, it is really important to think of real estate as an investment more than a physical asset. These people got in the market early and their investment is giving them great returns. I think that is fair. They purchased these homes maybe 40 years ago when SF was full of crime and property was worthless. Their "penny stock" or whatever you'd like to call it popped off because tech decided to be in the bay area. I think it is right that they are rewarded greatly for picking a great investment.
Me as the techie and SF native do feel like they are using their oligopoly for selfish personal gain and would love to see more people go out and actually vote on these zoning laws to allow more complexes to be built
The second reason for skyrocketing housing prices is the rise in wages. If people didn't get paid so much in the city, rent prices could not possibly be as high as it currently is. So while we do pay a crap ton in rent, most of us who can afford that rent probably are still WAAAAY better off than the average american.