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Week of Sept. 25th-Techies Priced Out of Palo Alto as Studios List for $1.3 Million

September 25, 2016

While runaway real estate costs in Silicon Valley have long since priced out most middle-class homebuyers, even high earners are becoming unable to afford Palo Alto, the suburb at the heart of the technology-rich region. Robust job growth combined with limited new housing supply are pitting well-off newcomers against wealthy residents who have benefited from a doubling of home values in the past decade alone.

Critics say longtime homeowners wanting to protect the character of the area are standing in the way of new residences to compensate for an employment surge. That’s resulted in a median home value of $2.5 million, 13 times the national level and out of reach for even the six-figure salaries of the area’s tech workers.  Read the story.

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