The problem is actually old “liberal” hippies who refused to allow development of new housing for decades. NIMBYs as they’re called. I’d say the hippies are mostly gone, but the refusal to build housing remains. Go to any other major city in the country and there are usually cranes everywhere. Not in California. Tech bros did bid up the limited housing supply for awhile, but now that prices are easily $3-5 million, they’re even getting priced out unless they were a founder that got an exit or just lucked into joining a company at the right time – NVidia for instance.
The problem is actually old “liberal” hippies who refused to allow development of new housing for decades. NIMBYs as they’re called. I’d say the hippies are mostly gone, but the refusal to build housing remains. Go to any other major city in the country and there are usually cranes everywhere. Not in California. Tech bros did bid up the limited housing supply for awhile, but now that prices are easily $3-5 million, they’re even getting priced out unless they were a founder that got an exit or just lucked into joining a company at the right time – NVidia for instance.