He said that a former mayor made San Diego a tech town in the 80’s, and the lagging effect was was a large number of people earning $120K in the mid to late 90’s. The per capita income is skewed up by these workers. So we’ve got a bunch of low wage jobs and the $110K jobs, and the latter were able to pay more for housing, pushing up the prices of homes for everyone. That’s why housing prices did not rise in Pittsburgh.
For his theory to hold, we would have needed a significant number of new employment in +$110K jobs since 2000. Did we?
