$250,000 a year in income is not what it used to be… and in tech-rich Palo Alto, CA it essentially means you’re poor.
Under a new plan in Palo Alto, families making up to $250,000 could qualify for subsidized housing.
The city council has unanimously passed a housing plan that would essentially subsidize new housing for what qualifies as middle-class nowadays, families making from $150,000 to $250,000 a year.
Teachers, firefighters and other government workers not earning enough to afford cost of living.
Some of the small two-bedroom, one-bath homes on her block are worth between $1.5 and $2 million – as teardowns. That’s just what the dirt is worth.
This always ends well… doesn’t it?
Yesterday, data from the National Association of Realtors (NAR) showed that existing home sales fell 7.1% in February to a seasonally adjusted annual rate of 5.08 million in February from 5.47 million in January. The number missed economists’ expectations of 5.31 million and marked a 3-month low. All four regions reported lower sales in the months, with the Northeast and Midwest regions leading the decline, falling 17.2% and 14.8%, respectively.
NAR economist, Lawrence Yun, said the main issue continues to be a supply and affordability problem.
Samantha DeBianchi, founder and CEO of DeBianchi Real Estate and the first woman to appear on Bravo’s Million Dollar Listing, blames seriously inflated prices and think that this year is the grand finale in real estate.
Continue reading “2016 Could Be Grand Finale for Real Estate – Expert”