SG’s 0.46 is not that much better than SF’s 0.51. At least the Bay Area is rich and has resources to tackle the problem. All we need is some political will to mow down the NIMBYs and anti-density boomers.
What happens is that tech is an incredible inequality driver:
Software is eating the world so the TAM of a SW company an so an SWE can reach is orders of magnitude bigger than decades past.
SWE’s are much more productive now than in the past, because of better tools, open source and cloud computing.
Globalization means two firms: Google and Facebook control the ad market of the whole world ex China. One firm: Apple, is make over 70% of net profit on phones. Tech is particularly prone to monopolies.
Internet drives the marginal cost of production to zero, so the marginal earning power of SWE is infinite.
These factors combine to make salary of SWE and tech workers in general go up like a rocket. Bay Area has the highest concentration of tech in the world so its inequality is inherently high. It’s not that salary for other work is low. It’s just that pay for the tech sector is insanely high.
Giving homeless service agencies more money is the problem not the solution. These agencies want more homeless so they can get more money. The solution is harsh but necessary.
Institutionalization for the druggies and crazies. Prison for the criminals and relocation for the indigent.
You can’t rent out(just cause etc), you can’t increase rents, you can’t keep empty(different types of properties… shops etc…) and now you can’t sell … what is going on? This is crazy…
Don’t buy property in cities that are majority renter. They’ll vote to kill your property rights. That was definitely a factor in buying outside Seattle.