I have to question several lines in that article. Among them;
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"The government's job is defense, and building roads and schools. But another part of the government's job is income distribution and too much of it has gone to the super-wealthy."
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So why is the Government responsible for income distribution? I think a lot of people would disagree with that.
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People with current mortgages in San Jose, Santa Clara and Sunnyvale are sitting on more than $239-billion worth of equity . . .
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Yes, and they're paying for it, and they earned the money to do so. What point is the writer trying to make here?
I agree, the market in this area is nuts, but it is what it is, and it's unlikely to get any better, unless someone finds a way of making more land out of nothing, or the economy of the entire area is seriously disrupted.
Companies come here because there is a huge pool of available talent. Talented people come here because there is an abundance of companies looking for them. There is a huge demand for housing because of a very healthy economy, but there is only so much space available for housing, so what's going to happen? it's simple supply and demand.
I will say, I also wonder where the people live who work in the gas station, or the grocery store. On the other hand, we wondered how we were ever going to buy a house here, but we did because we saw where prices were going and knew we needed to make a move or be priced out.
People can whine about it all they like, but I don't see what anyone could realistically do about it, nor should they.