A burned-out home selling for $799,000 in San Jose's Willow Glen neighborhood is quickly becoming a symbol of Silicon Valley's insane real estate market.
Barr says it's the 5,800-square-foot lot that she's selling, and its prime location near a commercial strip lined with trees, cafes and boutiques. The home is adjacent to downtown San Jose, where Google plans to build a new campus.
"Houses nearby have sold for $1.6 million," Barr says. "This is land value at half of that."
The burned-out home on the property isn't scaring buyers away. Barr says she already has 10 people interested and the home hasn't even officially gone on the MLS.
I saw a comment somewhere online yesterday that San Francisco housing is supposedly appreciating at $60/hour, more than four times the local minimum wage of $14/hour.
I live near the SF Bay Area and have friends that live there - the BA is very expensive yes, but average starting wage for professional jobs are six figure. Basically, it's expensive but employees are also well-compensated. If employers didn't compensate accordingly, no one could live there except CEOs and millionaire playboys. Yet, millions live there. TBH, I'm not sure why (good weather?) but they do and they can't build houses fast enough to keep up with the demand.
Suppression of wages comes when there's an imbalance between worker Supply/Demand. On the west coast, San Diego is a prime example. Everyone from around the world wants to live and work there, so not only can you NOT get a decent job with a college education, but when you do, it won't pay very much. Why? Competition. Literally, people are moving there from the Philippines, India, Europe, etc. and they are competing with you: employers don't care if you're American or local, they only care about bottom-line.
When Spitzer began looking for a house, she realized that the market was lacking in middle-class housing.
“There is a real deficit in medium-priced housing here. There’s a collect of poor quality, older and small homes that sell for maybe $100,000, and then there’s a lot of really expensive houses that are [in the] $500,000 range,” Spitzer said.
Truame said she thinks the housing market isn’t a deterrent to professors because they can afford it. The average professor at the college makes about $100,000 a year, and associate professors make about $80,000, according to data from The Chronicle of Higher Education. Her concern lies with the people at the lower end of the income spectrum who can no longer afford to live in Ithaca because of rising market prices.
“People who have been here, with service industry jobs, are getting pushed out of the market,” Truame said.
She said the prices are rising simply because of supply and demand. She said the school districts and appeal of the culture and job market makes many people want to move to Ithaca.
Chris Holmes, assistant professor in the Department of English, moved to Ithaca in 2012. He said many people who wanted to live in downtown Ithaca either thought apartments were too expensive or very run-down. According to Zillow, an online real estate marketplace and database, the median rental estimate for all housing in Ithaca is $1,771 a month as of September 2015.
If a professional planner works for a municipal government it's your implied or explicit responsibility to be a conduit for the legal will of your employer. Pay attention and do your best but if you see change that may be needed for the community though they appear not to be ready, don't push it but be prepared.So what do we think of this article and Mr. Falk? I'm in a place where there are similar housing challenges and deficits, a county projected to add 50,000 jobs and only 30,000 dwellings by 2050. It seems like he resigned after being reprimanded for writing a memo in opposition to local control over housing density.
More on point, is the practicing planner supposed to be a pipeline that public will just flows through, or something else? Where does the code of ethics put you compared to what your community says about housing opportunity?
...or be a professional and do your job without imposing your conflicting philosophy. It is possible, and even ethical, to do so. (aka "Suck it up, buttercup.)If a professional planner has fundamental philosophical differences with your municipal employer, then you have to move on and find a different employer or become the developer yourself.
That is presumed in the first part of my post.
So what do we think of this article and Mr. Falk?