Housing costs skyrocketing in South Bay
The skyrocketing price of housing is causing an exodus of South Bay residents. For the first time in the history, more people are leaving, rather than moving to Silicon Valley.
The difference is small, and not enough to tip the housing affordability scales in favour of first time home buyers. But it does signal a new demographic, as old and young head out because they’ve been priced out.
Cost of housing is most commonly cited as the reason for people leaving South Bay. From 2010 to 2016, county officials said that there was a 29 percent increase in job creation, but only a four percent increase in new housing. The squeeze sends many people elsewhere, while creating opportunities for new arrivals.
The majority of the people moving into the area are foreign nationals. Many of them are from India, Vietnam and china. So it is seen that for everyone who leaves, there’s plenty of people coming in to take their place.It is observed by officials that the problem of high cost housing won’t be solved anytime soon.