At what $/ft2 is PA forever changed?
Original post made by OutwardBound, El Carmelo School, on Feb 20, 2013
a) what price per square foot does PA housing have to reach for Palo Alto become a fundamentally different place?
b) who are these people that are paying $4M, $6M, $8M for entirely normal homes in Palo Alto, and why are they paying so much?
c) do the long-time residents who are selling - or the real estate agents representing sellers - feel any moral responsibility in terms of *who* they sell to? I imagine the answer is a resounding 'no', but what about those of us that are still here?
d) WHY is there no market-based mechanism allowed to operate that would moderate housing prices in PA by forcing expansion into nearby PA-owned areas so that middle/upper class can continue to be the majority in PA and not the uber-wealthy?
e) am I the only long-time PA resident that feels great angst as PA housing goes through the roof? Does no one else feel that this housing escalation is literally *destroying* our city?