Sowell fast forwards to today and the outrageous prices of homes in Palo Alto.
The house is for sale at $1,498,000. It is a 1,010 square foot bungalow with two bedrooms, one bath and a garage. Although the announcement does not mention it, this bungalow is located near a commuter railroad line, with trains passing regularly throughout the day.San Francisco, another liberal bastion, is in the same situation.
Lest you think this house must be some kind of designer’s dream, loaded with high-tech stuff, it was built in 1942 and, even if it was larger, no one would mistake it for the Taj Mahal or San Simeon.
This house is not an aberration, and its price is not out of line with other housing prices in Palo Alto. One couple who had lived in their 1,200 square foot home in Palo Alto for 20 years decided to sell it, and posted an asking price just under $1.3 million. Competition for that house forced the selling price up to $1.7 million.
Another Palo Alto house, this one with 1,292 square feet of space, is on the market for $2,285,000. It was built in 1895. Even a vacant lot in Palo Alto costs more than a spacious middle-class home costs in most of the rest of the country.
A local newspaper described a graduate student looking for a place to rent who was “visiting one exorbitantly priced hovel after another.”
That is part of the unacknowledged cost of “open space,” and just part of the high cost of liberalism.
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