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kleinbl00 · 2358 days ago · link · · parent · post: Ashamed to work in Silicon Valley: how techies became the new bankers
Here are the problems: 1) San Fran is a peninsula. That means that there's no way for property values to diffuse in any direction but one. 2) Property taxes in San Fran are fixed at the time of purchase. This has knocked the bottom rungs completely out of the property ladder. It goes down, but it never returns to normal. San Francisco real estate was retarded in 2009, 2001, and so on.