by bill ➕follow (2) 💰tip ignore
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Amazingly, San Jose is nearly as expensive, and it really has no redeeming qualities. No views, more dangerous than SF, worse air, fewer good jobs.
This is what happens when you shower people with money but you don't build enough housing for your population growth.
An unlimited number of fugitive PRC Army officers and Russian oligarchs are ready to pay 10x on today's prices.
It's safer than keeping their money parked in an economy based on fraud and slavery.
You make it sounds like stratospheric prices were not the intended effect.
They were. Every homedebtor wants higher price, the banks want higher prices so those debtors don't walk, and realtors want higher prices for the commissions. Between them, that's a lot of lobbying power to pay off our "representatives".
It's the demand/supply balance that eventually determines prices.
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