I lived in SD since 1981 (now currently renting in LA for 1.5 yr)… SD story has ALWAYS been the same: low wages & high cost of living. I scratched my head when houses were $130k, interest rates were high coupled with high unemployment(at times). No matter, the desire to live in SD is SO strong people will do ANYTHING to live there and will buy houses and put up with it. It amazes me. I don’t understand it. Wishing it weren’t so is just a waste of time.
No matter what the economic issue it ALWAYS boils down to supply and demand (with the acknowledgement that govnmnt will tinker with both). Until you take away the demand / desire for people to live in SD prices won’t drop much. Again, the only thing that will derail it would be massive unemployment like in the early 90s.
