Or maybe it’s due to lack of income.
How about what do in Singapore? 97% of the population lives in state owned apartments on 99 year leases. Affordable to luxury homes for all income levels.
How about what do in Singapore? 97% of the population lives in state owned apartments on 99 year leases. Affordable to luxury homes for all income levels.
http://www.koreaherald.com/view.php?ud=20171119000242
[..] Purchasing a residence in Seoul is now roughly on the same playing field as New York City, where the median price is about 443.4 million won. However, because average income levels in both the United States and Japan surpass Korea, the report states Koreans take on average three to five more years to purchase a house over those in New York or Tokyo.
According to the data, it takes the people of New York an average 5.7 years to purchase a home, followed by 4.8 years for Singaporeans and 4.7 years for Tokyo residents. As for Seoulites, those with an average income of 47.28 million won require some 9.2 years to purchase a home. [..]
How is their population density creating ‘affordable housing’ as you claim?
Re Tokyo: the birth rate is on the decline and in the country side they re giving away homes for free to repopulate it. The public transport is excellent. None of these parameters apply to San Francisco Bay Area.
https://www.numbeo.com/cost-of-living/in/Seoul
A 1 bedroom apartment in the city center is about $742.84 USD per month, compared to $3,472.78 in San Francisco. That amounts to approximately ~33% of average net take home in Seoul vs about 50% in SF.
You are absolutely correct that their public transport is excellent, and not only does that parameter not apply to the Bay Area, it doesn't apply to any city in the United States. San Francisco also has a population density less than half that of Seoul. Population density and infrastructure such as public transportation to support it are a difficult chicken and egg problem, and I don't know how to thread that needle in the Bay Area, even if I strongly feel it is a needle which needs threading.