On the rent front, I doubt it -- salaries are just increasing to match.
All-cash comp in the 300-500k range is surprisingly common (at least for 10+ year experience people in hot fields); add any luck on equity, and 2 incomes, and you can afford SF rents as they stand.
Being able to reliably get a $300k/yr cash salary (salary+bonus, but still cash) seems more related to absurd rents than 10% of people getting huge equity payouts (which tend to not even be that huge). I also think a lot of people who get $1-5mm equity windfalls often think "oh, buy a house somewhere else" vs. "a small condo in SF".
(equity does affect the buy market; if there were a rate hike and China implosion at the same time, but people still had equity money, they'd probably be the majority of buyers.)
Median household income in SF is 77k, just FYI. Only 16% of SF households make over $200k (this includes 2 earner households, which is probably most of these). This doesn't negate anything in your comment, just adds a little bit.
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On the rent front, I doubt it -- salaries are just increasing to match.
All-cash comp in the 300-500k range is surprisingly common (at least for 10+ year experience people in hot fields); add any luck on equity, and 2 incomes, and you can afford SF rents as they stand.
Being able to reliably get a $300k/yr cash salary (salary+bonus, but still cash) seems more related to absurd rents than 10% of people getting huge equity payouts (which tend to not even be that huge). I also think a lot of people who get $1-5mm equity windfalls often think "oh, buy a house somewhere else" vs. "a small condo in SF".
(equity does affect the buy market; if there were a rate hike and China implosion at the same time, but people still had equity money, they'd probably be the majority of buyers.)
Median household income in SF is 77k, just FYI. Only 16% of SF households make over $200k (this includes 2 earner households, which is probably most of these). This doesn't negate anything in your comment, just adds a little bit.
I think this adds some necessary context to the previous "300-500K" comment.
Yeah, I meant scoped within peak-earning-tech-people.
Jeesh, 500k? Guess I'm in the wrong industry....