I just think that when prices are hitting in the millions it will start
choking SFO>
Lets say you are some mid sized company do you want to find yourself in
the arms race with google and Apple?
people who are retired, it may be time to bail.
If i owned a shitbox near the zoo and could sell it for $2 Million it may
be easier to bail and buy something in Denver.[/quote]
The problem with this way of thinking is that for people to bail, they would need to want and need to bail. People who bought years ago aren’t stressed that prices are high.
I have tons of family and friends in the bay area and no one is moving because all their family and friends are there too. If you bought already, you are, again in NO RUSH to sell. If prices go up higher and is more crazy, you feel great! If prices crash and go down, you’re still doing perfectly fine since you were able to afford your mortgage 10 years ago, you can still afford it now and it’s unlikely to CRASH (> 30-50% declines). Rents are just way too high for that to happen and as mentioned in here and numerous news outlets, rents are more expensive than buying in some markets…Maybe not SF in the city, but that place has probably rarely penciled out due to rent control, etc….
The people who should leave are young, poorer people who can’t get ahead due to housing costs. After you have a place to live, most other services in the bay area isn’t that much more than any other place in America…
In the end, the wish for a housing crash is just that, wishful thinking…on most of our parts…or not…
As for moving, some people just don’t want to leave their friends/family/job, etc…money is clearly not everything for the people with it.
