Monday, February 2, 2015

You Need to be Close to the Fed Money Spigot to Live in San Francisco

A growing number of fast-expanding technology companies, from Twitter to Salesforce, and their well-paid engineers and executives now call San Francisco home.

But that’s increasingly difficult to do for individuals who make less than $35,000 a year, according to a new report by the San Francisco Federal Reserve Bank.

“Over the past five years, low-income individuals have been moving out of San Francisco at a much higher rate than they have been moving in,” William Dowling, a research associate with the SF Fed in the report.

The median price for a home in the City by the Bay is a million dollars, and the average asking rent is more than $3,000 a month, he said.


1 comment:

  1. them. With nothing going to the people whose homes are being foreclosed.

    And finally, Zerohedge reminds us this morning that the numbers indicate that the biggest flows of capital into the US equity markets are from.. wait for it... companies using their profits to buy back their own stocks, by far.

    So the Fed is using its ability to print money to buy bad debts from the Banks which they created to cheat their customers, and companies are using the outsized profits they are obtaining through government subsidies and underpaying their workers to buy back their own stock and enrich their upper management.

    And as Wall Street On Parade reminds us this morning, the corporatized media, owned by a handful of corporations, is cheerleading all this, and is very much captured by the crony capitalist culture.

    And people wonder why there is no recovery. Who says they want one, when this new normal is paying off for a privileged few so well. And they get to buy even more of the remaining productive assets on the cheap.

    That's trickle down stimulus, par excellence.