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Million Dollar Shack: Trapped in Silicon Valley's Housing Bubble

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Million Dollar Shack: Trapped in Silicon Valley's Housing Bubble Empty Million Dollar Shack: Trapped in Silicon Valley's Housing Bubble

Post by d@v!d Sat Oct 31, 2015 8:43 am

I live in crazy land. When is it going to explode?


There are some mind blowing quotes in this video. 12:44
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Post by Grindboy Sat Oct 31, 2015 10:10 am

I should probably say nothing, but I guess I do that in enough threads already.

The real estate guy sounds cold and heartless, but economics is economics.  Growing up somewhere or, for whatever reason, wanting to live somewhere, doesn't give anybody any particular right.  I live in an area with (obviously not like this) fairly high real estate prices, and we couldn't buy where we would have liked.  This is life, we don't all get everything we'd like. 

Based on this, it doesn't sound at ALL like the "bubble" that happened however many years ago.  That was people who shouldn't have been approved for loans defaulting, which caused problems because then banks didn't get back the money they loaned out, right?  But if these are all driven by cash deals. . . there's no "bubble," there would just be bay area sellers who cash out their modest homes for huge sums and go live like kings somewhere else, right?  And if prices do "pop" for whatever reason, the fallout would be falling values on homes that are already paid for, presumably either to live in (so not really a factor what your home is worth if you bought it to live in) or rich Chinese investors lose out when they bought high and will have to sell low(er).  Well, ok, that happens sometimes, and investors know this.

In sum, I DO have a heart and some sympathy, I certainly don't wish ill on anybody, but I wish so many people didn't cry victim when a market does something that they don't like.  Life doesn't owe us much.  What did they want, to try to pass a law to NOT let homeowners sell their property for what they can get?

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Post by d@v!d Sat Oct 31, 2015 11:05 pm

Grindboy wrote:I should probably say nothing, but I guess I do that in enough threads already.
Thanks for your thoughts. I agree with you on all your points. Some things that I do wonder about is who is going to sweep the floors? If all the houses are owned or rented at high rate by and to high end white collar workers and blue collar income won't afford housing in the area, who is going to do the menial work? Where are those workers going to live?

Another thing is this also seems like the result of our devalued currency. It kind of reminds me of when people from here would go down to Mexico to buy homes. I think things like this fly in the face of American pride. What do you think?
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Post by Grindboy Sun Nov 01, 2015 11:52 am

Yes, who stocks their grocery stores, serves their sushi, collects their recyclables, fixes their roads, puts in their fences, barists their cappacinos (double sp?), even teaches their children, hooks up their broadband, and pastors their churches (my first pastoral interview was actually in Marin County just across the bridge I believe-- obviously I wasn't hired, but we were absolutely sticker-shocked at the cost of housing/living).  I had that thought, but not the time or inclination to expound.

Some may suggest my answer is overly simple, but I'm optimistic in the very simple law of supply and demand to make it work.  If they want/need these people and services, they'll either have to pay enough to make it feasible and worth it, or create some sort of a system or lower rent area that makes it workable.  And I'm optimistic enough about the ingenuity and opportunistic population that somebody or collaboration of forces will find a way.  If not, the neighborhood becomes less desirable -- who would pay $2m for a small house without garbage service or restaurants? -- and property values decline, allowing for the return of middle class/blue collar/service industry people and workers.

Perhaps simplistic, but perhaps also real.

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Post by d@v!d Tue Nov 03, 2015 6:11 am

Grindboy wrote:Yes, who stocks their grocery stores, serves their sushi, collects their recyclables, fixes their roads, puts in their fences, barists their cappacinos (double sp?), even teaches their children, hooks up their broadband, and pastors their churches (my first pastoral interview was actually in Marin County just across the bridge I believe-- obviously I wasn't hired, but we were absolutely sticker-shocked at the cost of housing/living).  I had that thought, but not the time or inclination to expound.

Some may suggest my answer is overly simple, but I'm optimistic in the very simple law of supply and demand to make it work.  If they want/need these people and services, they'll either have to pay enough to make it feasible and worth it, or create some sort of a system or lower rent area that makes it workable.  And I'm optimistic enough about the ingenuity and opportunistic population that somebody or collaboration of forces will find a way.  If not, the neighborhood becomes less desirable -- who would pay $2m for a small house without garbage service or restaurants? -- and property values decline, allowing for the return of middle class/blue collar/service industry people and workers.

Perhaps simplistic, but perhaps also real.
I agree that the law of supply and demand will eventually equalize things.

Marin is some nice area to live in.

I was talking to my blue collar friend the other day about this and he asked why are they bothering building a train from south to north. What we heed, he said, is one that goes from east to west to connect the central valley to the Bay Area.

There are still plenty of low end ghettos to house the workers, but there is a tide of gentrification diminishing them. The part of the video showing the issues of San Francisco is an example.
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Post by oldschooldoom Wed Nov 04, 2015 5:22 am

I guess I'm out of touch. When I was living in that area 1.5 years ago, entry level housing had just crested the 1 mill mark.
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