patrick.net

I have poking around looking at this question. What is the median income in the area you are talking about? I have heard that the populaiton in this area has a disproportionate number of millionaires that will artificially keep housing prices above 3x income. Is that possible a reason we aren't going to have a decline that brings housing prices more in line with income - namely that there is an abundance of people whose ability to buy is tied to their worth, but not their income? If I were a millionaire, I would probably want to buy here.

From Wikipedia. Old data from 2007 on income. Makes the point about the number of uber-rich who live here and the widening income disparity. I wonder if I will ever be able to buy a home on the Penninsul for 3x my income.

"San Francisco ranks third of American cities in median household income[131] with a 2007 value of $65,519.[126] Median family income is $81,136,[126] and San Francisco ranks 8th of major cities worldwide in the number of billionaires known to be living within city limits.[132] Following a national trend, an emigration of middle class families is contributing to widening income disparity[82] and has left the city with a lower proportion of children, 14.5%, than any other large American city.[133]"