As my colleague Lou Hansen makes clear in his story this week on nosebleed housing prices in the San Francisco Bay Area that continue to make noses bleed, the dream of buying a home in this region remains, for most, just that: a dream.
Thanks to an out-of-whack supply and demand ratio, made worse by a widening wage gap among earners unable to come up with a down payment, the median price in April for a single-family home reached a record $893,000, according to CoreLogic. “Prices for existing homes in the nine-county region jumped 11.6 percent from a year ago,” Hansen writes.
But Hansen isn’t the only one writing about these out-of-control property values. People with virtual pens have taken big-time to social media to comment, vent, rant and rage.
Here’s a sampling:
I think it’s rly unfair that I’ve lived in California my entire life probably will never be able to buy a house in the Bay Area bc these dumbass techies from butt fuck nowhere decided to skyrocket housing prices in the bay
— tat (@teencatm0m) May 23, 2018
The bullish Bay Area housing market delights property owners while it frustrates and dismays home searchers. Median home prices have risen 73 straight months, year-over-year, throughout the region…. https://t.co/xiTHe524xM
— Criterion Homes (@criterionhomes) May 25, 2018
Supply and demand. Rents and house prices have doubled in last five years in Bay Area due to lack of sufficient housing, so yes it’s mainly due to cost of shelter. This is pushing out those with lower incomes to more affordable states.
— Oaklander (@AlexinOak) May 25, 2018
If we look at a graph of housing prices, tech bubble and crunch and current bubble don’t appear. It’s more then just a bay area problem, but all of costal CA, most of which doesn’t have tech. People have moved to California in search of wealth ever since 1849.
— Watson Ladd (@WatsonLadd) May 24, 2018
When lawyer Kate Dowing announced that she would move out of Silicon Valley due to the exorbitant housing prices, the story went viral. It emphasized what many Bay Area residents know all too well: If you come… https://t.co/20285DsIee
— Life in the Bay (@Life_in_the_Bay) May 24, 2018
Bay area housing prices are going to keep going up, pushing more people to commute from places like Livermore. The ridership projects are difficult to forecast given the uncertainties. I think BART would capture far more than the projected additional commuters, but that’s IMHO.
— Andrew Davidson (@AndrewKDavidson) May 24, 2018
wait, one of the model’s core assumptions is that “housing supply appears fairly elastic and rents/house prices appear to be mainly determined by construction costs” i.e. conditions that do not describe anywhere in the Bay Area? pic.twitter.com/1JzFm3ji6r
— Aaron ???????????????? (@aceckhouse) May 24, 2018
This is absolutely true – as housing prices continue to skyrocket, we are seeing a fast increase in homelessness and housing insecurity.
Did you know that 82% of homeless people here lived in… https://t.co/JXRw4gBlSP
— BACS (@CommunitySvcs) May 23, 2018
Amid soaring Bay Area housing prices, a struggle to keep home aides https://t.co/PCETnXUSvr
— Kirsten (@Kirstie_Schultz) May 23, 2018
Housing prices have risen so fast in the Bay Area that I don’t think public perception has kept up. https://t.co/EJsjSrXnSu
— ???????????? (@crzwdjk) May 22, 2018
……..And taxes, and housing costs, and most homeless, and dumbest elected officials, etc, etc, etc….
San Francisco Bay Area has highest gas prices in U.S., just ahead of Memorial Day weekend https://t.co/4rrhbH9OxE
— Bob williamson (@Bobwill72505311) May 25, 2018
Please don’t come to Portland. Our housing prices are skyrocketing because Bay Area transplants come up here flush with cash from selling their property down there!
— lost_grrl (@lost_grrl) May 21, 2018
Well yeah, but part of what’s driving up housing prices right now in Denver/Boulder metro is actual people from SF and the Bay Area flocking here to snatch up the “cheap” real estate, thereby inflating our prices to Bay Area levels
— Erin Blakemore (@heroinebook) May 21, 2018
Sounds great, right? Sounds really great! Ask someone in the Bay Area how many jobs they would need to work in order to make enough to meet the insane cost of living. Housing prices here are astronomical. https://t.co/bpkYZrVbQP
— PositiveTrifecta (@KristianneMrsC) May 19, 2018
@GavinNewsom what are you going to do about the housing prices in the Bay Area? Normal everyday people can’t work live there!
— Ram (@Giantphin831) May 18, 2018
Yes my brother just moved to Denver from the S.F. Bay Area, and my cousin’s daughter did the same. They love it there, but the locals are complaining about richer people moving in, rising housing prices, their kids won’t be able to afford living there when they’re grown, etc..
— AJ Fish (@aljfish) May 17, 2018
As someone living in Sacramento, that has seen housing prices go up due to the influx of Bay Area “investors”, the price point on the initial purchase has nothing to do with anything I’m talking about.
— Jeff C. (@Dawgish1) May 17, 2018