>>Interesting opinion on why current events don't equate past downturns:
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>>http://www.nytimes.com/2008/02/13/opinion/13reich.html?ex=1360645200&en=033f6da01d771f7d&ei=5090&partner=rssuserland&emc=rss
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>I have to agree. I often think of the percent of my income it took to qualify for a home in 1973, when we bought our first house. My wife was a medical secretary and could have bought a house on her income alone. At that time the recommendation was the mortgage payment or rent should be not more than 20% of your income. So on my income alone I qualified, making $3.65 an hour as an electronics technician.
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>Over the years we have seen property taxes in California increase, along with the cost of a home. The politicians, lending intuitions and real estate industry along with speculators have driven up the cost of a home. Today I make over $90,000 and do not qualify to buy a house. My income should be at least $150,000 to buy a median priced house in my area.
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>So I would add to the concept of raising wages, doing something about the housing market, etc.


Similar reasons are why people who work for the state agencies can't afford (for the majority of employees) to live in Austin. A lot of our issues stem from the people moving here from California and think that a quarter million for a GI Bill Starter home on 1/5 of an acre of land is really CHEAP!