Originally published at: https://boingboing.net/2019/01/08/ipo-or-bust.html
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All out’a fucks for Silicon Valley, try tomorrow.
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I’ll be more direct: Burn baby burn.
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Oh, you had to go there.
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In the 1990’s I bought a 1600 square foot, 3-bedroom house in Silicon Valley for about $175k. It is not in a tony area, far from it. That house is now on Zillow with an estimated value of $1 million. That is after the so-called downturn. Want something bigger or in a nice area? The prices go up from there. It would take a very long slide down for Silicon Valley real estate to be considered affordable, by most people’s definition of that term.
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Prices are going to have to go down a lot more than 12% to fix the housing issue here. Unfortunately if it ever happens, it’ll destroy the middle class, who have so much of their money tied up in their houses, but it’s necessary for the continued survival of the region.
Yeah, houses are regularly going for a million now, even in my “not nice” neighborhood. I was somewhat surprised when the house across from me went for only $600K+, even though the lot is small and the house was a tear-down. It was advertised as two bedrooms, apparently, but that’s only because they were counting a closet as a bedroom. The new owners tore it down and are rebuilding it with added rooms, at significant expense - because three (possibly four) adults and two children are moving in. All the garages in my neighborhood have been converted into living spaces and rented out. Neighbors with enough room in their yards have pre-fab garden sheds which they also rent out, because that’s what “affordable” housing is now.
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Yay! I can’t wait to get super mega rich so I can afford the lower prices!
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