The New “Middle Class” – Making $250,000 A Year In Palo Alto Qualifies For Housing Subsidies
Welcome to the new normal, where in bubble communities, $250,000 per year is now a middle class income.
Nothing to see here.
From CBS News: PALO ALTO (CBS SF) — Palo Alto is seeking housing solutions for residents who are not among the region’s super-rich, but who also earn more than the threshhold to qualify for affordable housing programs.
The city council has unanimously passed a housing plan that would essentially subsidize new housing for what qualifies as middle-class nowadays, families making from $150,000 to $250,000 a year.
Sky-rocketing housing prices in Palo Alto have left some in limbo; with teachers, firefighters and other government workers not earning enough to afford cost of living.
more at Source: The New “Middle Class” – Making $250,000 A Year In Palo Alto Qualifies For Housing Subsidies | Zero Hedge
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Sure is empty down here...