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SF Magazine Uncovers Expensive Housing Shortage

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An 11 page "field guide" to the Bay Area's new rich? San Francisco Magazine, you're just asking for trouble. Posing the burning question, "If the economy is tanking so badly, how come all of these seven-figure condos are being snapped up so quickly?" former WSJ and LA Times reporter Rick Wartzman does not say that it's because rich people are hypnotized by "Bosch and Sub-Zero appliances, custom Italian cabinetry, and access to other top-of-the-line amenities, such as valet parking, concierge service, a swimming pool, a spa, and a fitness center," especially when located in an 837 square foot, $1M plus apartment in One Rincon.

No, instead, Wartzman tells us that these new rich people are different, better, more driven, smarter, and that they learned from the last bust, because they're hanging on to their money. Except, it seems, when they're plunking down that $850 a month in condo fees for that One Rincon abode. Apparently, "the region's notorious penchant for boom and bust is giving way to something else: a spectacu­larly large and permanent 'overclass.'" An overclass, for whom, "a sufficient amount of demand is still chasing a very finite supply of high-end housing." And if there's one place you don't want to be, it's in the way of an overclassman chasing a Viking-range-appointed condo.

Ok, let's get this straight. In this new Bay Area, the rich will keep getting richer, and the economic crisis will be felt mainly by the poor? Even more shocking, rich people are buying rich person housing until there's none left and we need to make more? 11 pages for this? No need to thank us for the summary.
· The seven-year rich [San Francisco Magazine]