The 37% tax rate is pretty high for the demographic in Mira Mesa, don't you think ?
37% might be the high end of MM, but 34% is not. Considering, for 2008, 28% federal = $131,450 and $200,300, you're talking about 2 people making $66k/person. That's not too out of the ordinary.
This is a temporary situation because: there are all of these houses that are being foreclosed & but have not become rental properties. In other words, the rental supply is artificially low.
You're speculating that these "phantom" inventory will become rental. Mira Mesa have no new housing inventory, so I don't see how these "phantom" inventory will affect rental rates. The rest of your argument are speculations as well. I don't see data to support your argument. To me, it's no better than the "we're running out of land" argument from the perma-bulls.
