Home sweet home -- impossible? Californians fear high prices may drive young people away

San Francisco Chronicle ^ | 11/18/4 | Kelly Zito

[SmithL]

More than 50 percent of California residents said in a survey being released today that they are very concerned that fast-rising home prices will lock out younger generations from the housing market.

That trend already appears under way for those ages 18 to 34, with 31 percent saying high housing costs are forcing them to ponder a move from their region or out of the state, according to the study by San Francisco's Public Policy Institute of California.

Researchers at the nonpartisan think tank say an exodus of young workers could undermine state's economy, especially in the Bay Area, which relies on a skilled, mobile labor pool to drive its dominant technology industry.

"If the younger adults are thinking about moving out of a metro area like the Bay Area, the question is, where do you get the workforce?" said Mark Baldassare, the institute's director of research. "Who's going to come in and replace the skilled workers that we're going to need for our economy?"

[SmithL]

Welcome to California. Let the taxpayers pay for it. Of course, home prices will fall once they've chased all the businesses out of the area.

[ReagansShinyHair]

ping

[stopem]

I've said it before I will say it again, home prices are hyper-inflated partially because of the cost of land and partially because of GREED.

And businesses wont come if their work force cant afford housing, so maybe arnie needs to look at that aspect.

[LS]

This is another example of how the "blue states," with their high-taxes and ultra-rich elites, are simply pricing themselves out of the market for "average people" who fight their fires, teach in the public schools, police their streets, work at their supermarkets, and so on.

Perhaps more important, an aging population is a population that loses political clout. As the rich, old Californians die off---with no young families to replenish the population---we may actually see the electoral numbers reverse in the near future, with CA losing EVs to, say, NV, AZ, and so on.

[stylin_geek]

Things won't change until people get tired of the enviro-socialist utopia the left wing liberals are trying to foist off on CA. The other thing that has to happen is that a Nancy Pelosi or a Maxine Waters cannot even get elected as dog catcher in California.

[SpottedBeaver]

This is very true. I was born and raised in the Santa Clara Valley and moved away when I was in my early 20s. I couldn't afford to stay. This wasn't very recently either. I left in 1990 and followed a few jobs around and have now firmly planted my roots in Texas. There are actually quite a few ex-Californians here in North Texas.

[A Ruckus of Dogs]

Same problem here in Long Island, NY. What's driving up the housiing costs here is high demand.

[glorgau]

The high home prices in California are self-inflicted. Prop 13 provides enormous incentive to _not_ move, constricting market supply of existing homes. Heavy handed regulation (both local and state) restrict the supply of new homes. Result - stratospheric prices.

[martin_fierro]

Actual Listing:

Sunnyvale, CA 94087

Single Family Property, County: Santa Clara, Age: 50 year(s) old, Detached, Ranch, Single story, Garage, Fireplace(s)

2 Bed, 1 Bath
875 Sq. Ft.
$569,000

[stainlessbanner]

Please tell me this is a fierro joke.

[AreaMan]

I moved out of Florida because of the ever increasing prices.

I grew up in Miami and when I was in the Navy I always wanted to move back to south florida. Not anymore. I was back about a year ago and can't believe what a 3rd world hellhole it's turned into.

[megatherium]

So they've all moved to Seattle and Portland, transplanting huge amounts of high-technology business up there. Housing prices in Portland more than doubled through the 1990s as a result. People in Oregon have been heard to complain about the "Californication" of their state.

[.38sw]

That looks about right. About four years ago, when we started looking for a home, I saw one advertised for $449,000 in Lafayette (San Francisco East Bay area). The house was a 2 bedroom, 1 bath fixer upper on a postage-stamp size lot. It's probably worth much more today. People buy them, and Lafayette is in demand because it has one of the better school districts. It's shocking.

[anniegetyourgun]

Bought first house in SoCal, in 1980, no less. I was very young. Couldn't afford it due to interest rates (thanks to Carter's mess), etc. However, some things are worth the sacrifice. For me, land is always in that category. Call me a physiocrat.....

[Prime Choice]

Californians fear high prices may drive young people away

It ain't just the high real estate prices. It's also the ridiculously high taxes, equally ridiculous anti-business regulations, closure of medical centers across the state (due to money loss thanks entirely to illegals), and Leftist social policies that do nothing but reward laziness and penalize productivity.

And don't get me started on California's anti-Second Amendment laws. Those are just insane.

California deserves the hell-hole it's dug for itself.

[IllumiNaughtyByNature]

Prices are going to stay high here because the demand allways outpaces the supply. With the upcomming Babyboom retirement the demand for apartments, condos and townhomes is going to take off, because the retirees will face off with the first time home buyers. That is why the focus is on the multiplex building. Here in So Cal any fixeruppper is being leveled and a duplex/4-plex is going up.

Also the weather paterns in FL and the Eastern seaboard are making the retirees look harder at CA and AZ.
Also, they are already starting to lay the new foundation for an entire new city NE of Palm Springs. Should be done and ready for the retirees in about 13-15 years.

[.38sw]

I'm pretty sure it's not a joke. I live in the San Francisco Bay Area (east bay). The only "reasonably" priced homes are in bad neighbors in Richmond and the like.

[lormand]

In the past, I have had recruiters ping me about job opportunities in The People's Republic of Kalifornia.

It is hard for me to be polite and not laugh at them, but I graciously inform them of my reasons.