Pink is concerned about draining the Middle Class from California due to costs, particularly in real estate which hasn't enjoyed such ebullient times since, well, the lead-up to the collapse in 2008. (CNN: Why a lot of people are moving out of California)
We have seen mention of this previously when low-income people could not afford housing anywhere close to wherever they worked in their service jobs (e.g. restaurants, etc) to make it worth their while to work in them due to transportation costs, etc. In the example from Pink, people aren't just leaving the cities in California, they're leaving the state.
The article gives an example of a couple which went to Washington (state) where they got more for less. That's all very well if your purpose is to continue the illusion but where will they go as job availability further reduces and the encroachment from the Elite expands.
Ed: so much doom and gloom. Now who the fuck is Moriarty?
No, no, muchacho, we do not do doom and gloom, we do solutions. That's why the Rock City but that's its own thread of Ithaka absurdity. For the moment, the consideration is the drain in California.
"There is clearly a relationship between the migration patterns and home prices," said Sam Khater, deputy chief economist at CoreLogic. "The middle and lower middle can no longer afford to live in California."
California's housing market is one of the most expensive in the nation, wigth a median home price of $428,000 across the state. Prices have shot up 71% since 2011.
And a number of its local markets are prohibitively expensive. Of the five priciest housing markets in the country, four are in California, according to the latest data from the National Association of Realtors. San Jose tops the list with a median home price of $1 million.
We have seen mention of this previously when low-income people could not afford housing anywhere close to wherever they worked in their service jobs (e.g. restaurants, etc) to make it worth their while to work in them due to transportation costs, etc. In the example from Pink, people aren't just leaving the cities in California, they're leaving the state.
The article gives an example of a couple which went to Washington (state) where they got more for less. That's all very well if your purpose is to continue the illusion but where will they go as job availability further reduces and the encroachment from the Elite expands.
Ed: so much doom and gloom. Now who the fuck is Moriarty?
No, no, muchacho, we do not do doom and gloom, we do solutions. That's why the Rock City but that's its own thread of Ithaka absurdity. For the moment, the consideration is the drain in California.
"There is clearly a relationship between the migration patterns and home prices," said Sam Khater, deputy chief economist at CoreLogic. "The middle and lower middle can no longer afford to live in California."
California's housing market is one of the most expensive in the nation, wigth a median home price of $428,000 across the state. Prices have shot up 71% since 2011.
And a number of its local markets are prohibitively expensive. Of the five priciest housing markets in the country, four are in California, according to the latest data from the National Association of Realtors. San Jose tops the list with a median home price of $1 million.
- CNN
Beware of hyped numbers.
We don't know if that figure of $428,000 is an appraisal price or a selling price and the two are never the same. Regardless of the real one, it's too high for many to handle so they leave. The Elite can't afford to lose their Middle Class since these are cops and firemen, among other roles, doing jobs the Elite wouldn't consider doing. So now what.
Ed: pay the Middle Class more.
Sure, that will do wonders for the real estate spiral, won't it. Not only would that get the Middle Class more supportive of the existing high prices but the higher wages would make California even more attractive to people out of state and that will put yet more upward pressure on real estate prices.
Ed: think of how NASA earthquakologolists predicted a major earthquake in California within two years and forget about the state because it's going underwater anyway.
Thanks for that sunshine, Shirley Temple.
Here at the Rockhouse, we think the concept of money is rapidly going obsolete just as much as when the mode of exchange was in colored seashells. The basis of the premise is the anticipation of a large reduction of jobs due to robot automation of every damn thing. When there are so many people without work and no chance of finding it, there will necessarily be a change in the sociology and likely the economy as well. What's your method of exchange when you have nothing to exchange.
That last goes far beyond the scope of Pink's original concern but I do believe it's germane in a more general sense and that's why the interest in the Rock City, this aspect of it particularly.
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