27/10/2015 by Don Quijones
By Wolf Richter of WOLF STREET
This is what’s going on in Silicon Valley and San Francisco, in what I have come to call Housing Bubble 2, greater, crazier, more magnificent than anything before it, dwarfing even the housing bubble that peaked in San Francisco in November 2007 and then imploded.
The video shows in gripping detail how money is washing over the area, the hubris it engenders, the foreign investors who buy homes for investment purposes and don’t live in them, renters who get dizzying rent increases they can never afford and are forced out….
It’s time for people who can’t afford the soaring rents or home prices to make room for those who can, says the “real estate rock star” who is prominently featured throughout.
“Million Dollar Shack: Trapped in Silicon Valley’s Housing Bubble” is beautifully made by Steve Fyffe and Michelle Joyce. Worth every minute of it!