The untimely end of San Francisco’s Tech and Housing Bubbles

Wolf Street reports on the struggles of people who aren't rich in northern California:

The housekeeper and gardener Khosla was talking about with the $25-per-hour income – they faced a median home price in San Francisco of $933,500 in May. While still up 7.3% year over year, it’s down from the February peak of $945,000, which had been up 35% year over year and 16% higher than the peak of the prior bubble that blew up in November 2007. That prices would drop from February to May is unheard of. This is when home prices soar. Even in the crash years from 2008 through 2011, home prices rose during those months! So this is special; an early indication that this magnificent boom is curdling. In the tech bubble too, many recent IPOs have been eviscerated.

Just a reminder.