Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring • Hacker News Board

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#151

Post by alexanderstears » Mon, Oct 23, 2017, 5:38 PM UTC

toomuchtodo wrote: post #33

robbrit wrote: post #31

Earlier quoted context omitted.

A fourth category: people who have lived here for a long time, and were able to buy property back before it became unaffordable. These are typically the managers or senior employees. It makes me wonder that as the young rockstars and H1B recipients age, where will they go? They certainly can't afford to buy a house. I imagine as time goes on, companies in the Bay Area will be awash with young junior talent but will s…

> It makes me wonder that as the young rockstars and H1B recipients age, where will they go? They certainly can't afford to buy a house. I imagine as time goes on, companies in the Bay Area will be awash with young junior talent but will struggle to attract more senior folks. They leave for more affordable cities or head back home to be close to family when they decide to have kids. EDIT: May I offer up Tampa as a ye…

+1

I'm making 80% of the SFBA wages and I live in the rust belt. I had a 1 bedroom, 800 sq. ft apartment a block away from work for I've talked to a few recruiters in the Bay Area but the crime and cost of living are highly unfavorable. As far as I can tell, the only reason one would go out there is to do something state-of-the-art. I don't know why people would do anything else there unless they were already wealthy.

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#152

Post by StreamBright » Mon, Oct 23, 2017, 5:38 PM UTC

cobookman wrote: post #109

robbrit wrote: post #31

Earlier quoted context omitted.

A fourth category: people who have lived here for a long time, and were able to buy property back before it became unaffordable. These are typically the managers or senior employees. It makes me wonder that as the young rockstars and H1B recipients age, where will they go? They certainly can't afford to buy a house. I imagine as time goes on, companies in the Bay Area will be awash with young junior talent but will s…

I'm fairly early in my career at a company ( 80-10-10 mortgage on a 1mil home is only 100k down. And the monthly payments split by 2 people (aka a couple) is ~2k / person / month. That's 4k/month all in once you include the tax rebates.

You kidding right? 100k down? 2K mortgage? These are insane numbers that very few people can afford even in the tech community.

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#153

Post by anonacct37 » Mon, Oct 23, 2017, 5:38 PM UTC

cobookman wrote: post #109

robbrit wrote: post #31

Earlier quoted context omitted.

A fourth category: people who have lived here for a long time, and were able to buy property back before it became unaffordable. These are typically the managers or senior employees. It makes me wonder that as the young rockstars and H1B recipients age, where will they go? They certainly can't afford to buy a house. I imagine as time goes on, companies in the Bay Area will be awash with young junior talent but will s…

I'm fairly early in my career at a company ( 80-10-10 mortgage on a 1mil home is only 100k down. And the monthly payments split by 2 people (aka a couple) is ~2k / person / month. That's 4k/month all in once you include the tax rebates.

> only 100k down

I'm going to need a minute to let that sink in.

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#154

Post by cat199 » Mon, Oct 23, 2017, 5:38 PM UTC

jraby3 wrote: post #96

5706906c06c wrote: post #49

38, two kids and a wife. Have been living in a 900SQ/FT apt, I don't know how much longer I can take this before rage quitting and relocating somewhere else (don't know where). The sad part, as a ethnic-minority, I have just found our community for my kids, etc. It would be really tragic if I have to tear my kids away from that. Don't get me wrong, my daily 30 minute commute on BART isn't the worst. The worst part is…

Wow that is a crazy rent. I also live with a wife and two kids in about a 1000 sq. ft. apartment and make a similar income (but pay $2k rent). I've been squirreling away $50k per year and buying cheap homes to help with passive income. Up to about $7k per month which helps a lot both in terms of future saving and investing and also with peace of mind if I ever lose my job.

> squirreling away $50k per year

If you can save that much, it's not really 'squirreling'..

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#155

Post by Consultant32452 » Mon, Oct 23, 2017, 5:38 PM UTC

5706906c06c wrote: post #49

38, two kids and a wife. Have been living in a 900SQ/FT apt, I don't know how much longer I can take this before rage quitting and relocating somewhere else (don't know where). The sad part, as a ethnic-minority, I have just found our community for my kids, etc. It would be really tragic if I have to tear my kids away from that. Don't get me wrong, my daily 30 minute commute on BART isn't the worst. The worst part is…

>The sad part, as a ethnic-minority, I have just found our community for my kids, etc.

Can you expand on what this means? Have you faced a lot of racism in SF?

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#156

Post by spatley » Mon, Oct 23, 2017, 5:39 PM UTC

cobookman wrote: post #109

robbrit wrote: post #31

Earlier quoted context omitted.

A fourth category: people who have lived here for a long time, and were able to buy property back before it became unaffordable. These are typically the managers or senior employees. It makes me wonder that as the young rockstars and H1B recipients age, where will they go? They certainly can't afford to buy a house. I imagine as time goes on, companies in the Bay Area will be awash with young junior talent but will s…

I'm fairly early in my career at a company ( 80-10-10 mortgage on a 1mil home is only 100k down. And the monthly payments split by 2 people (aka a couple) is ~2k / person / month. That's 4k/month all in once you include the tax rebates.

In any other city in the country, including Chicago, Seattle, Boston or others, the idea the it takes 2 earners making more than 6 figures to afford a house is madness. Couple that with requiring 100k down and I don't see any way anybody can count on raising a family anywhere near there.

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#157

Post by TuringNYC » Mon, Oct 23, 2017, 5:39 PM UTC

robbrit wrote: post #31

nimbius wrote: post #16

Most of the bay area employees are divided into 3 categories from anecdotal experience: young rockstars that are willing to live in relative squalor for a chance to prove themselves, vested and moneyed elites (CEO's, presidents, VC funded overlords) who are so out of touch with the average employee its best they not show up to the office that frequently, and H1B visa recipients that endure the soul-crushing San Jose…

A fourth category: people who have lived here for a long time, and were able to buy property back before it became unaffordable. These are typically the managers or senior employees. It makes me wonder that as the young rockstars and H1B recipients age, where will they go? They certainly can't afford to buy a house. I imagine as time goes on, companies in the Bay Area will be awash with young junior talent but will s…

>>> A fourth category: people who have lived here for a long time, and were able to buy property back before it became unaffordable.

Very well said. So often, some (usually older) person will tell me, "well I know this [choose your civil servant profession] and they get by fine in SF on a 60k salary, so stop your whining."

Yep, I'd get by fine with 60k and a TIME MACHINE.

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#158

Post by r00fus » Mon, Oct 23, 2017, 5:39 PM UTC

jsonne wrote: post #71

dsfyu404ed wrote: post #51

Earlier quoted context omitted.

They'll go to cities like Denver and Austin and promptly get to work turning them into the only thing they know, SV.

Live in Denver. This is a little too real. There's a very real irony to the people that move here that "hate the bay" then act, vote, and do everything in their power to make it exactly like SF.

Interested in specifics here, if you're willing to expound.

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#159

Post by gnarcoregrizz » Mon, Oct 23, 2017, 5:39 PM UTC

abritinthebay wrote: post #57

polskibus wrote: post #50

Earlier quoted context omitted.

Could you explain that bit more? How is that at the expense of everyone else, did they achieve their wealth illegally?

Read up on Prop 13 a bit. That’ll explain it.

prop 13 is insane. heirs are even able to inherit their parents or grandparent's tax rate (prop 58/193). i was renting a ~$600k property, where the owner was paying $600/year in tax, and the last valuation was $60k... she actually bought the property for $150k, so I think she transfered the property tax rate from a different house (you can do that if you're 55 and older). ca's overall effective property tax rate is something like .8%, so the remaining .2% is basically subsidized by newcomers, some of who pay much more than their neighbors.

Re: Bay Area hammered by loss of jobs: Lack of affordable housing strangles hiring

#160

Post by bduerst » Mon, Oct 23, 2017, 5:39 PM UTC

biesnecker wrote: post #7

4700 isn't a lot in the whole scheme of things, but part of what makes a bubble a bubble is that it either keeps growing or it pops.

SF Bay is definitely in a housing bubble. One of the signals from the 2008 housing crises was when mortgage and rental payments diverged, and even with the high-rents in the bay now you're starting to see mortgage payments outstrip them.