Bad housing laws have turned San Francisco's tech boom into a crisis for Oakland

Listen, statistically speaking, it is highly unlikely that you are (a) more educated than me; (b) are better than I am at math or finance. So just strop fronting. I'm not gonna post my resume here, but I can already tell from the language you use that you don't have the benefit of the same type of quality education I do. If you have student loans, I hope you can get a refund.

As I said before, I can't teach a random homeless person in a McDonald's parking lot quantum physics, nor can I teach you these basic concepts. Although not for a lack of trying.

But before I totally give up, I'm gonna try one last time:

  • If nobody can afford homes then those homes will no longer increase in value because there are no buyers. The prices will no longer continue increases. That is what I meant by the "law of large numbers" which is a pretty commonly understood concept. Something is only worth what someone else is willing to pay for it.

  • Your arugment on wage growth is flawed because you are using an aggregate. It is like saying, if a country's GDP is going up, then nobody in the country is increasing their wealth or can afford X. Similarly, wage growth may be stalled, but that doesn't mean nobody is benefiting from increased wage growth (or capital appreciation).

This argument that "no one will be able to afford a home" is pretty stupid. If this were the case then nobody would be buying any homes. You are upset about who is buying homes, who is not buying homes, and what people are paying for homes.

The people I know have have enjoyed a great deal of wage growth over the last 10 years, but that is because of their education, expertise, and industry. You can't on the one hand say "nobody can afford a home" and "fuck these asshole techies who make too much money" along with "these assholes are paying too much for homes" all in the same sentence and try to appear intelligent.

Pretty simple math.

The key thing is this -- ** You're being hypocritical. Stop pretending like you care about others. You don't. You made that very very clear. Everything else you're saying is noise to distract from that. **

As for me, I'm not even close to being heavily leveraged, because I don't like debt. I qualified for a loan when lending was the tightest it has been in generations. Lending guidelines for housing is still pretty tight. Who are buying these homes? People who make a lot of money.

/r/oakland Thread Parent Link - vox.com