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Santa Cruz being washed away by techies

July 11, 2015

Just as prospectors splashed the hills with mercury to extract gold, the upgraded techie have returned to Santa Cruz, raising rents beyond the range of the people who serve them in restaurants. Yes, they are the new prospectors, but instead of overpaying for shovels and picks to find gold, they bid up the prices of homes and pay higher rents gambling that they’ll strike it rich. And then what? They’ll leave. And just as the waves erode the shore, the erode Santa Cruz from the other direction, sweeping away homes from others, claiming the shoreline for themselves. And when this bubble bursts, they will find they cant afford the payments on their homes or the rent and simply live. Then the really rich will come in, sweep up those homes, and then more and more homes will be empty and vacant as investments, and used a few weeks out of the year, and filled with people who want to keep everyone but themselves out with gates, permit parking and empty third homes.

Some say life isn’t that simple. But the longer you’re around and you see what a select group of people do with money, you go, “Yeah, it is.”

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