Spiraling Home Costs Are Bad For Economic Development

"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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