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Redfin CEO Kelman: Here are where the housing markets will be…

January 2, 2018

By Monica Nickelsburg : Geek Wire – excerpt (includes video)

Glenn Kelman, Redfin CEO, discusses his outlook on housing going into 2018 as tax reform starts to impact the market.

As CEO of Redfin, Glenn Kelman keeps a close eye on housing trends and their consequences. He’s convinced that skyrocketing housing costs in thriving coastal cities will lead to a “mass migration” of companies and talent to smaller cities in other parts of the country.

“Silicon Valley is going to leave Silicon Valley,” Kelman said in an interview on CNBC’s Power Lunch show. “That’s already happening. Google employs more engineers outside of Silicon Valley than it does in Silicon Valley and if Google can’t afford Silicon Valley then no one can.”

Google employs more engineers outside of Silicon Valley than it does in Silicon Valley and if Google can’t afford Silicon Valley then no one can…

Update: After publishing, Kelman tweeted to clarify that he expects tech workers to move to Seattle from other thriving coastal regions like the Bay Area, New York, and Boston.

“The technology companies, the Wall Street companies, they are chasing the talent,” he added. “The talent is chasing affordable housing.”…

“You shouldn’t have that many people making so much money in just a few cities,” he said. “It should spread to the rest of the country. It’ll depolarize us politically and it’ll balance things out financially.”… (more)

A jobs escalation slowdown can’t happen fast enough for many people on the verge of losing their homes. Relieving the coastal cities of population overload is probably the top subject on most coastal city citizens’ wish list for 2018. See the latest article from SF Bay View for another picture of the story from the “vested” youth on Transportation gentrification : How Bus Rapid Transt is displacing-East Oakland

Here are some actions you can take to help mitigate this problem: https://discoveryink.wordpress.com/sf-actions

 

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