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Owneroccupier Says:
"I am not saying people are not making that kind of salary, I have plenty of friends with 250K+ household income, but they are all people armed with ivy league degrees, JD/MBA, 5-8 years of working experience"
Then SFWoman Says:
“I see people in the city doing this all the time. They make $250,000-$500,000 a year…â€
Most people tend to socialize with those who have a similar education and income level. As an apartment owner I talk to a wide variety of people from tenants to vendors on a regular basis. It is always interesting to come home to San Francisco and hear a friend's wife (who's idea of a wide variety of people is the mom's in both the KDB and Town School PTAs) talk about buying three pair of $500 shoes when I just made a deal with a hard working new tenant to pay his $500 security deposit over five months. A while back a friend (that makes about $250K a year) commented on an article that said less than 1% of American "households" (not individuals) have an annual income of over $225K. He said that is sad that even though he is in the "top 1%" he would not be able to live in SF and send his kids to private school without help from his parents...
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It's pretty clear most of us believe there is a bubble. It's also pretty clear that many believe the peak is behind us and we're now in the midst of what may be a very large, very drawn out decline.
So now what? Is there anything left to debate? Or are we all coming here out of habit?
And why are there still people out there who claim there is no bubble or decline? What's that all about?