Bottom line: People who "only" make 100K are screwed.
Conclusion: Need best minds to solve housing/commute problems. Idea I like: Land ferry.
The rule of thumb for spending money on housing has always been 33%. Going above it will cut it into your budget for other needs. Less is great, but 33% is the maximum. Also 210k for a median income for software engineers is a lot and they're not hurting in SV. You need to make 90k to live comfortable in SV. Add a spouse and you're in the high 100k range. The issue arises when most people aren't in tech and they make 50-60k on their own and being married brings it up to 90-100k. That's way too little for a high cost of living area. The Bay area has a housing shortage, NIMBY residents and anti-market housing laws. The amount of people is not hte issue. It is those with power and money who refuses to get with the time. This is why there is an "exodus" of residents from the bay area. But these residents are retirees who made out like bandits and were also enforcing the NIMBY laws as well.
Why haven't these cost of living problems lead to an increase in telecommuting? Instead we see things like skyrocketing autoloan debt or insane housing costs. Why is telecommuting always seen as a privilege instead of a cost saving measure for employees?
I feel like the short answer is security but I've met a lot of people that will look at you funny for leaving at 4 and connecting remotely after you get home just because you wanted to beat traffic.
What a bullshit use of percentages. If you're making $200k, then it's probably okay to spend a higher percentage of your earnings on housing. Most other expense categories are not so hyperinflated in that area.
except for that one guy who lives in the truck
San Francisco has a huge housing problem, it’s the first issue that all the new mayoral candidates are running on.
Keeping the balance between inviting new young professionals to move in, without forcing out old residents, is tough. Rent control is helpful
33% of gross income.
It starts to hurt more when you look at net income. It quickly becomes 50%+ of disposable income.
Well, let's not blame greedy real estate moguls, and developers for pricing things so high.
So high paid people need to spend 28-33% of their income to live near their high paying jobs... real groundbreaking stuff here FastCo.
This has been reported for a while now.