Title: Meet The "Million Dollar Shack": Documentary Lays Bare California's Housing Bubble Source:
[None] URL Source:http://www.zerohedge.com/news/2015- ... are-californias-housing-bubble Published:Oct 26, 2015 Author:Tyler Durden Post Date:2015-10-26 23:55:03 by Horse Keywords:None Views:176 Comments:16
“It’s almost impossible to find a home from San Jose to San Francisco for less than a million dollars.”
That’s a quote from a short documentary entitled “Million Dollar Shack: Trapped in Silicon Valley's Housing Bubble” which comprises 23 minutes of sheer, unadulterated comedy even as it very effectively critiques the extent to which America has learned absolutely nothing from the meltdown in 2008.
This clip has it all: absurd prices for rundown properties, soaring costs for rentals, even a tent in someone’s backyard that goes for $46 a night (you get an extension cord, one shower a day, and wi-fi) and all courtesy of i) greed, ii) an utter inability to learn from the past, and iii) the meteoric rise of Silicon Valley “unicorns” with stratospheric valuations.
To say “this won’t end well” would be an understatement...
Poster Comment:
The average 2 bedroom apartment in SF rents for $5,000 a month.
Rather than immigration it's bureaucratic regulations which have put home ownership beyond the reach of many. During pioneering days you could get a log-cutting permit for five dollars; a few hundred spent on sawing and planing lumber and you had enough material to build a debt-free house (and other buildings in farming area). Dad moved into a log house, built a one-story, sold it to a neighbor who had it moved after we had built a two-story, all done without architects or building inspectors. Done by folks with a grade school education.