California's Gold Coast Is Losing Its Middle Class

"The most expensive housing region in the state is the scenic south coast of Santa Barbara County, where the median price of a home is $825,000 and is forecast to close in on $1 million in two years... The whole coast is going to the rich. And nobody's doing anything to change that trend... Numbers don't easily capture the social changes taking place in Santa Barbara, where prices have almost tripled in 10 years. What could be starter homes in many cities — 1,800 square feet, three bedrooms, small yard — can now cost up to $1 million."

Thanks to Chris Steins