Thomas Ott . IO |||

Housing Madness in San Francisco

Housing Madness in San Francisco

I love San Francisco but it’s too damn expensive, and about to get more expensive.

No, he said, not anymore. The energy rose as he revealed more data about new millionaires and about just how few new units have been built for them. San Francisco single-family home sale prices could climb to an average of $5 million, he said, to gasps.

Yikes.

As the idea of the coming I.P.O.-palooza took on currency, sellers started pulling their houses off the market. The broader California housing market has softened, and home sales are down, but here’s one fix for that.

Even if just half the I.P.O.s happen, there’s going to be ten thousand millionaires overnight,” said Herman Chan, a real estate agent with Sotheby’s. People are like, I’m not going to sell till next year, because there are going to be bajillionaires everywhere left and right.’”via New York Times

The solution? Remote work. Move to some place cheaper and remote in.