I think that's fair but the nonetheless the only houses on here in San Mateo for under 600k are about 600sq ft. Even 1200sqft homes are 1M+ Where do you think married mid-level engineers are going to live?
For 500k in Austin you can choose between brand new 1300 sqft homes or older 2500 sqft homes.
It may be as NIMBY in some ways but the effects haven't kicked in yet (and probably won't given size, competition, and property tax laws). Look at the options available for a family making 80k in these two cities. They aren't even the same magnitude.
Its all a spectrum but I think in practice the above statement is meaningful.
In the USSR the government set ranges of wages that different firms/administrators could give out. I guess in practice you had some choice but not if you had one entity with practically unlimited negotiating power.
I never get what motivates people to blame the system here.
If you have 150k in the bank you could go to a remote place in the US, take a lowkey job where you work 25 hours a week, and live perfectly fine. No one is stopping you.
The only reason you don't do this is because you like nice things, nice food cooked for you, nice immenities, and want your kids to have material prosperity.
No - this isn't close to true. I'm saying (at least in the US) you need a net-worth of 10M to be in the top 1%. Or, in terms of income, make 500k a year household income.
The Ontario Teacher's Pension Fund averages member 600k per member in assets (200B divided by 330k members). I don't know the Canadian stats but having around 1M in assets as a 60 year old places them around the top 20% or 10% cut-off - not the top 1%.
Regardless, I don't care if people get rich but it is clear that occupy Wall Street was a movement against the perceived notion that billionaires were exploiting the rules - not that teacher's pensions funds were gaining 2% per year more than an index fund.
I highly doubt anyone is against pension funds making money - even if they are run as a hedge fund.
The political opposition to hedge funds has to do with the fact that they often cater (or are assumed to cater) to the 1%. Who cares if it is 200B? It probably represents the financial interests of tens-of-thousands of teachers.
I think that's fair but the nonetheless the only houses on here in San Mateo for under 600k are about 600sq ft. Even 1200sqft homes are 1M+ Where do you think married mid-level engineers are going to live?
For 500k in Austin you can choose between brand new 1300 sqft homes or older 2500 sqft homes.