BTW 17% delinquency is even higher than I expected. It’s a “your job is here” situation and they can either go or resign. And yes, there is that element, exactly what I mentioned with Carmel, that people move out of SF to live further away but still in the broader Bay Area. Government-facilitated program for Blackstone/Blackrock/Blackwater to buy foreclosures and lease back? Got financing to build a house, but acted as the general contractor themselves. Where are the foreclosures and evictions? It does not mean that these homes don’t exist until someone puts them on the market. I’m a little confused by the relationship between the war profiteering and the housing market. — Destroys/Degrades neighborhoods. While not enabling a down payment by the dispossessed masses, it will act as a guaranteed income stream to the rentiers. Bart-human technology, eventually and always, generates a ‘Tower of Babel’ moment? Kind of like prices went up in early 2000s in Orange County CA (where I also lived for some 12 years), and never looked back, crisis or no crisis. Another one to look at is John K Galbraith. Here, you have to stretch to get a starter home. I will just live on a mat until wisdom returns. Others will get the “Here’s your severance. Yeah the sentence doesn’t make sense but neither do the various markets. It’s called adjusting to the market. I feel like that’s the way real estate usually is lately, though. This led to much grousing about local income levels from the new immigrants, and much grousing from Spokane/Cd’A parents that property values had risen so much that their kids could not afford ‘decent’ housing. Yes Keynes advocated spending in a depression *on the creation of real things* infrastructure and the like. 3) It’s all about rotation. Surging home prices like these are a terrible toll to pay for buyers, except for those where wealth is such that it doesn’t make any difference. My dad’s friend sold a house he bought in 2016 for $650k for -$30k under his asking price at $950k, 3 bed townhome with not a lot of light, nothing spectacular but about a mile from the beach. Maybe you live in an area that needs economic improvement, poof $20k for free window upgrades, $30k for solar panels, $10k for that $112k GM hummer EV you need to buy to save the world? Nothing causes amnesia faster than a bubble, except for borrowing money…. I’ve seen plenty of people with high incomes who still act like fools with their money and are carrying three houses. San Fran will bounce back very quickly once the virus is brought under control by a vaccine. I’m in the other (north) end of the state and an article just appeared in yesterday’s paper that there is a shortage of “affordable” housing, anything less than $400k (!). And yeah, as a young man I liked the way the Asian female population was much more open-minded that you could find elsewhere. I have been holding all my assets other than my house and car for the last four years, 20% in gold and 80% in cash on the basis I was being prudent and would be in an opportunity to gain from other people’s losses. Save 5%/Yr of Med HH Income toward a 20% down payment on median home price takes over 6 decades (assumes static income & home prices). Going down Hawthorne Blvd which has a higher congregation of businesses same thing. Numerous businesses are relocating from California to Arizona. The dystopian future is here. Because the housing market was strong going into the 2020 recession, there’s currently no reason to expect a major crash in home prices, Redfin notes. Just run the numbers. High tech business is booming here. But the politicians keep advocating just a little more socialism.” – Milton Friedman. Seems like there’s plenty of prop13 noise with a couple of initiatives on the ballot that would remove prop13 tax protection from all commercial properties, which also include residential rentals, not just malls, offices and stores.