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800k to lose jobs next year due to housing
- Thread starter capmac
- Start date
Quote from Farside:
NYC and California have become the bastion of the rich from all over the world. People of means are moving to NYC, and many rich foreigners are moving to CA because of the weather. A lot of these people are wealthy business owners, or they inherited money, etc. I don't think real estate will go down that much in either area. What will change is the residents/job base. A friend of mine lives in San Jose, and that whole area has problems staffing jobs paying under $20 an hour, because nobody can afford to live there for that money. The same thing is happening in NYC, the jobs are leaving.
So if everyone poor and middle class leave,who will be there to serve the rich.They still need waiters,postal workers,hair stylists,retail workers,etc.Why should the poor and middle class stay in these high priced areas and live like rats when there are greener pastures elsewhere.Why should they stay in those areas and watch the rich drive by in their bmw's and live in their mansions,while they go home to a $2,000 per month cockroach infested 1 bedroom apartment,while some rich landlord sits back on his yacht on the Long Island sound and laughs at them and their misfortune.But people are so brainwashed into thinking that NYC is the place to be.
America's Best and Worst Cities for Crime
Atlanta Chief Calls His City The Most Dangerous in Nation
Atlanta sucks as does much of the south.
Atlanta Chief Calls His City The Most Dangerous in Nation
Atlanta sucks as does much of the south.
Quote from Farside:
Actually, the rich foreigner idea is mine and my friends. I say this because in NYC, all they are building is $2m condos and they are selling like crazy. California has had a horrible job market for years. Somebody is buying the real estate without the need of employment!
Actually the job market is reasonably good. The problem is to live on the coast you basically need to be making 200K or more. The people that have been buying in california were either speculators from outside the state or the US, or californians beting on appreciation and taking risky loans to do so. Most native californians are now stuck in their current housing unable to move and take their gains unless they leave the state. Companies cant get people to relocate to california due to the housing cost issue. This is all a big problem for california.