Spiraling Home Costs Are Bad For Economic Development

Want to live Northern California's Bay Area? You'll need to earn at last $124,000 per year, according to a new study.
January 29, 2004, 1pm PST | Chris Steins | @urbaninsight
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"The yawning gap between incomes and Bay Area housing costs is pushing home ownership out of reach for all but the older and most affluent, according to a new report... Increasingly, economists worry that the Bay Area's skyrocketing housing costs are putting the region at a competitive disadvantage. A study released by the Bay Area Economic Forum earlier this month found the region's productivity advantage over the nation -- a measure of the goods and services produced per person -- fell from 43 percent in 2000 to 31 percent in 2002, due largely to higher costs of living and, in particular, housing."

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Published on Wednesday, January 28, 2004 in The San Francisco Chronicle
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