I'm watching the CRAZY home price escalation in Palo Alto and wondering to myself the following:
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?