Comment Re:Silicon Valley just isn't sustainable (Score 1) 1119
High rents will continue, and probabaly increase for a while. Workers in North American don't know how good they have it. No where else on the planet practically do average workers get to live with 3 or 4 people in a 2500 square foot house, with each kid having their own bedroom, etc.
In most of the planet, average working people: nurses, cops, pharmacists, small business owners, teachers, etc, live in concrete cinder-block apartment buildings with plastic furniture, and a Moped if they're lucky.
Working-class people: factory workers, office support staff, etc, live in the slums, or 20 people to a 1-bedroom apartment.
I attended an Economic Development meeting last week, and the former president of one of our local banks was on the presentation panel, and he was talking about how all the new immigrants are making them (the banking industry) change their loan requirements, because immigrant home-buyers often have many people on the mortgage, and don't have the ability to prove where their cash came from.
My sister is a letter carrier, and she said it is real common to see 6 or 8 working-age people in a house, with a bunch of kids, and a granma that doesn't speak English taking care of them.
An article in the Wall Street Journal about six months ago talked about how difficult it would be in a Washington DC suburb being profiled, to kick out all the people who were living with more people in the unit that the zoning laws allowed - what a massive increase in homelessness that would create.
Mom and Dad may have trouble making a $3000 a month mortgage payment, but if you've got 8 people (NOT an exageration!) working, it's doable, and it's happening all over the country.
We are on the cusp of open borders, the rush is about to take place, and I predict the situation will get like it is in Europe or Asia, where the only way a working class person can own their own apartment (forget actually owning the land!) will be if they inherit it.
Things have been out of balance in this country for several decades, and they are about to swing back.
In most of the planet, average working people: nurses, cops, pharmacists, small business owners, teachers, etc, live in concrete cinder-block apartment buildings with plastic furniture, and a Moped if they're lucky.
Working-class people: factory workers, office support staff, etc, live in the slums, or 20 people to a 1-bedroom apartment.
I attended an Economic Development meeting last week, and the former president of one of our local banks was on the presentation panel, and he was talking about how all the new immigrants are making them (the banking industry) change their loan requirements, because immigrant home-buyers often have many people on the mortgage, and don't have the ability to prove where their cash came from.
My sister is a letter carrier, and she said it is real common to see 6 or 8 working-age people in a house, with a bunch of kids, and a granma that doesn't speak English taking care of them.
An article in the Wall Street Journal about six months ago talked about how difficult it would be in a Washington DC suburb being profiled, to kick out all the people who were living with more people in the unit that the zoning laws allowed - what a massive increase in homelessness that would create.
Mom and Dad may have trouble making a $3000 a month mortgage payment, but if you've got 8 people (NOT an exageration!) working, it's doable, and it's happening all over the country.
We are on the cusp of open borders, the rush is about to take place, and I predict the situation will get like it is in Europe or Asia, where the only way a working class person can own their own apartment (forget actually owning the land!) will be if they inherit it.
Things have been out of balance in this country for several decades, and they are about to swing back.
