And it’s not just the rank and file who are feeling the pinch. Even top-level talent is finding it increasingly difficult to live in the area.
Vox reports that the California tech hub is getting so expensive “even lawyers can’t afford to live there”. It cites this week’s resignation of attorney Kate Downing from the Palo Alto Planning and Transport Commission, who said she was driven from her job by outrageous property prices.
Real estate website Zillow backs up her claims, estimating the median price for a home in Palo Alto has doubled in the last five years to $2.5 million.
Downing has urged local authorities to ease regulations on housing construction to increase supply. Here’s an excerpt from her resignation letter, originally posted on NewCo Shift:
“After many years of trying to make it work in Palo Alto, my husband and I cannot see a way to stay in Palo Alto and raise a family here. We rent our current home with another couple for $6,200 a month; if we wanted to buy the same home and share it with children and not roommates, it would cost $2.7M and our monthly payment would be $12,177 a month in mortgage, taxes, and insurance. That’s $146,127 per year — an entire professional’s income before taxes. This is unaffordable even for an attorney and a software engineer.”
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