Apple goes from renter to owner of Sunnyvale building in $44M deal. More jobs in Sunnyvale. #housing #apple https://therealdeal.com/sanfrancisco/2022/01/18/apple-goes-from-renter-to-owner-of-sunnyvale-building-in-44m-deal/
Amazing news
Yes, great for homeowners in the area
I disagree that it is amazing news or great even for homeowners. Extremely high home prices (the median SFH price in 94087 is nearly $3M) are bad because: 1) Majority of existing homeowners are middle class. The few homes selling for $3-4M cause people to view it as a “rich” area. As my plumber who lives in Modesto said, people in the trade target Sunnyvale as where they can make money. Guess what, prices for all types of goods and services increase because of this perception. Existing homeowners, most of whom are not rich, end up having to pay these extra-high prices due to the few rich people coming in. 2) Many homeowners will get trapped into living in these homes due to cap gains tax burden. I bought my house in Silicon Valley thinking that it is convenient to live reasonably close to work. And that has been a blessing. But by the time I retire, my house may be worth $6-8M or more if the historic long term annual property appreciation rate of 7% holds. But since the capital gains tax exemption remains $500k for a couple (more than enough for most of the USA, hence Fed government will not change it), if I have to sell my home when I retire, I will likely pay a 7 figure tax. This will prove a huge disincentive to sell and move to a cheaper place.
Is Apple forcing people to go back to the office one two or three days a week?
Three/two days a week starting from next week depending on your location.
It’s too bad for Sunnyvale, IMO. It is already too crowded, with no land for building SFH. They are building high density apartments on busy streets like El Camino, Wolfe etc. Apple basing more high paying jobs in Sunnyvale will only cause home prices (already at a median of $3M for SFH in 94087) to only go higher. And too rapid increase in local home prices is not desirable even for local homeowners
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Who the fuck wants to live in Sunnyvale lmao.
I wouldn’t mind. It’s nicer than downtown SJ.
I meant like…who wants to even be in the Bay Area, period. I’m good