They will get you somewhere.
Seems to be a global phenomenon. Is there a place where this isn't happening?
- The rent increases are choices made by landlords, not Facebook.
- Even as quoted in the article, residents seem to believe that living in a place for a long time entitles them to continue living in that place longer at a price they find agreeable. I personally have been priced out of neighborhoods I loved living in twice in my life, once after living in the same place for 8 years and feeling a huge sense that it "was my home." It's sad and upsetting, but nobody is entitled to live in some place just because their family historically has lived there a long time or they personally have lived there a long time or theyhave some cultural identity to that place. It's not a nice part of reality, but that's just how it is. Playing on sympathies by hearing people say, "but we've lived here 10 years and Facebook doesn't care" is just an ineffective way to look at it, for all parties.
- As usual, the group of people most impacted (displaced tenants) is the group least capable of financially weathering the changing circumstances or politically lobbying for their preferences to be protected.
- If I were a Facebook employee, I would feel some measure of resentment towards the property groups doing this. One reason is because the property managers know the bad press will be flung at Facebook, not them. Another reason is that the property managers are essentially looking at the wages paid by Facebook as something they (the property managers) are entitled to (by raising rents to adjust for higher salaries). The landlords are not improving their value-add in any way, just raising prices to capture more of some other productive person's wages.
- And, of course as others have pointed out, it's largely driven by lack of new housing or high-rise housing.
I remember when sergey said nearly the same thing about china.
If your life goes wrong, due to illnesses, unforeseen circumstances or unemployment, or if you plan to have a family, you're better off in Germany than in silicon valley with 160k.