Like I said, I am just trying to understand what’s going on in San Diego; I am not out to push any point of view although I sure hope the extreme bears are right because I am headed that way in March (maybe, yikes, right into the line up at Tourmaline for that matter).
Shiloh wrote: “San Diego is no different than any other place”. If San Diego is no different why is it ranked the No. 2 most unaffordable place in the U.S. according to the survey I linked folks to? Why isn’t the bubble evenly distributed if the bubble isn’t linked to things like desirability or regulatory climate etc?
The 10.5 affordability multiple assigned to SD says everything to me. People just can’t afford a decent place according to historical norms. According to those norms (see the report) a 100K income should get you 300K in house or something like that not a 800k house! The report says basically what Patrick says with the exception of the issue of causality! So why here? Aren’t there special characteristics at work in SD?
San Diego is no different than any other place,
Beatus ille qui procul negotiis … paterna rura bobus exercet suis, solutus omni fenore….. Horace
