I deleted a previous comment because I didn't accurately convey my thoughts, but I'm hoping this is more accurate. My hometown is one of the cheapest, yet most uneducated and violent cities in all of California. There was a huge class divide amongst my peers, none of whom were rich; Some could afford to move elsewhere, and others couldn't. Of those that couldn't, I would say approximately 20-30% are in prison, and th…
Unfortunately, the big reason why Seattle is getting so expensive is just because there are lucrative jobs to be had here. Same reason why Silicon Valley is so expensive, but still on a smaller scale at this point. I think we're going to see more and more of this: the cities with a lot of jobs getting very expensive to live in, and the cities with fewer job opportunities staying flat or even getting cheaper--because…
Seattle has a lot of high paying jobs, sure. But because Seattle artificially restricts housing supply, the high paying jobs bring in people like me that can absorb the cost, pushing out people that can't absorb the cost. Those people tend to work in jobs that keep other living costs low, meaning that if they continue to exist at all, they exist at higher prices...exacerbating the effect.
Seattle needs to stop focusing on raising pay. Their focus on wages for Airport workers and Fast Food workers completely misses the point: Those wages are already high from a US market standpoint...they are too low here because living costs are too high here. If you set a wage floor, the employers disappear. Alaska Airlines will move their hub to Portland or Vancouver, and all the Fast Food chains will cut their losses and close shop.
A focused effort on destroying barriers to new housing development effectively reduces the cost of living and increases living standards for everybody, without pricing out the lower-wage employment.