Kim Iversen said her landlord in LA county is raising the rent for her 2 bedroom place to $6,000 a month when she moves out. (Larry Fink CEO of BlackRock) and other hedge funds are buying up apartment buildings and dramatically raising rents. The average home in Silicon Valley is $1.5 million though it costs more if you want to live in a safe neighborhood with good schools. Cupertino schools are good, the rest are piss poor. Palo Alto is great but a 640 square foot cabin sold for $2 million. The property tax was a mere $2.35 a month.
To buy a $1.5 million home with bad schools, you will have to make $150,000 down payment. The balance of $1,350,000 can be paid be paid off over the next 30 years at $7,296 a month. Plus there is that property tax bill. 1.221% of $1.5 million comes to $18,315 a year which the bank will collect for you in 12 monthly installments of %1,526.25.
Of course there is that state income tax top rate of 13%.
And then there is the governor and the state legislature raising the gas tax so gasoline does not slip below $6.50 a gallon.
Those $1.5 million dollar homes in San Jose used to sell for $25,000 when JFK was President before the liberals in both parties had not decided to flood the country with legal and illegal aliens. The mortgage payment was $129 a month.
Might I point out that the population of Mexico was 28 million in 1950. Today it is 132 million and there are 34 million Mexican-Americans. It is over population through legal and illegal immigration that has driven down wages while raising rents. In the past Bankers made America to appear wealthier than it was by printing tens of trillions in I Owe You Nothing Federal Reserve Notes to buy free stuff from overseas. Look at the price of gold and silver today vs 1970. Foreigners will one day soon dump dollars and US bonds to buy commodities. When trillions of dollars get dumped into commodities, your $20 an hour after taxes job will be permanently cut to $8. Tell me the Wall is racist when the minimum wage drops from $7.50 an hour to $3 an hour.