Click link below picture

.

If you want a gauge the degree of inequality in the US, watch what America’s venture capitalists are funding. One of their most recent is FlyHome, a real estate brokerage that announced a $17 million funding round led by Andreessen Horowitz May 31. It is a service to help people buy homes in America’s hottest housing markets.

The problem with these markets is not merely price, which is remarkable since the median home price in San Francisco is now $1.61 million, double the average from just five years ago, and once affordable Brooklyn tops out above $1.4 million. It’s that people, and investors, are making all cash offers.

The surfeit of wealth in these cities has shut out all but the wealthiest with $1 million or more in cash to buy homes. Sellers will often take buyers with all-cash offers over those who have to secure financing from a bank, even at the same price, because there is more likelihood the deal will close. As the US economy has amassed even more wealth at the top, home prices have followed suit. The informal rule of thumb is that a house should cost about 2.6 years of income. Today, many US cities have home prices five to 10 times the median household income.

.

housing_affordable_startupsWhat’s your offer? (Markel Redondo)

.

.

Click link below for article:

https://qz.com/1294984/silicon-valley-startups-have-always-served-the-rich-now-theyre-helping-the-merely-wealthy/

.

__________________________________________