patrick.net

So what? Let it be 40 times. Bay area is still a fortress. Eventually there will be only renters in Bay area. Owners will rent them as no one can afford to buy them, and relocate to some third world country.

:)

We can bandy about axioms of "3x income" and % of annual rent vs. buying, but the fundamental in places like SF and LA is that median incomes are paying rent, not mortgages. In LA, you most often take a pay cut within your own industry if you compare to SF or NYC, yet the rents and real estate still manage to be high a$$ prices here.

The only people I personally know that own real estate in LA are A) living in the Inland Empire, B) filthy-rich world travelling businessmen, or C) landlords.