Question:
Q. Why are houses so much more expensive in Southern California than, say, Battle Creek, Michigan?
A. Higher incomes
Any reasonable, thinking person would accept that as a basic economic fact. If jobs don't pay much, people can't afford much. Supply and demand, baby.
My follow-up question is, if we can so readily accept that other parts of the country are less expensive because higher prices couldn't be supported by local incomes, why do so many (still) readily accept that the rules don't apply in California?
A. Higher incomes
Any reasonable, thinking person would accept that as a basic economic fact. If jobs don't pay much, people can't afford much. Supply and demand, baby.
My follow-up question is, if we can so readily accept that other parts of the country are less expensive because higher prices couldn't be supported by local incomes, why do so many (still) readily accept that the rules don't apply in California?
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