The story is now oft told: As home prices skyrocket in the Bay Area, low and middle income residents are finding it impossible to leve there. ABC7 San Francisco reports:
It's an economic cycle that's driving low and middle income residents out of California. As home prices go up, those who can't afford them leave, while those who can take their place.
"One million people net left California between 2006 and 2016," said Noel Perry, the founder of Next 10, a non-partisan think tank that conducted a study for Beacon Economics on demographic shifts in California over the past decade.
The study found disparate rates of wage growth among California workers over the past decade.
Wages rose just 17 percent for low-income workers, 29 percent for middle income and 43 percent for those at the high end.Read More