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[moniss]

40. If it is unaffordable to live

in an area and income is not enough to make it then it is irrational to stay there. Nobody says people have to stay there. The housing market in those areas like SF is rigged against people. Just like in many other areas. Gentrification for years and years has done this throughout urban areas in America. Add to this the glorification in the media and culture with "flipping houses" for ever increasing profits and you get that added to the problem of "easy money" underwriting big mortgages because the people arranging the mortgages get their cut up front and the collapse of the mortgage becomes just one more "opportunity" for them to prop it all back up and pump up the asset/commissions over and over.

So you have people who make $100,000 per year taking on debt as though they make $500,000 per year. All fueled along with advertising presenting images of "others" doing it with big smiles on their faces and realtors and lenders salivating at their upfront commissions.