The Cost Of The Bay Area’s Exorbitant Housing Prices

August 15, 2016

Up until last week, the planning and transportation commissioner for Palo Alto, Calif., pushed city officials to build more housing to help make living in the Bay Area more affordable and attainable for residents, particularly teachers, first responders, and service workers.

Kate Downing announced her resignation last Wednesday. She and her husband were affected by the exact issue she warned about. The Downings were priced out of the tech hub — even though they each have high-status jobs.

The Guardian told the story of the Downings and other people who are dealing with either paying a large portion of their income toward Bay Area housing, or are making 50-mile commutes into Silicon Valley from cheaper suburbs.

The house the Downings were renting in Palo Alto, for instance, cost $2.7 million to buy, for monthly mortgage and tax payments of $12,177. Buying the house would have cost them $146,000 a year.

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