The prosperity crisis in 'Golden Ghettos'

Houses near the Bay Bridge in picturesque, but prohibitively pricey, San Francisco. A family of four earning US$117,000 (S$158,800) is now classified as low income in the San Francisco area. This threshold, used to determine eligibility for federal h
Houses near the Bay Bridge in picturesque, but prohibitively pricey, San Francisco. A family of four earning US$117,000 (S$158,800) is now classified as low income in the San Francisco area. This threshold, used to determine eligibility for federal housing assistance, is the highest in the United States. PHOTO: NYTIMES
New: Gift this subscriber-only story to your friends and family

It's beyond laughable that a one-bedroom apartment can sell for US$1.5 million (S$2 million) in San Francisco - and get multiple offers within a day. Or that dumpsters sport satirical "for rent" signs. Or that the asking price for a side order of Brussels sprouts at many restaurants is US$16.

Beyond laughable because such stories pass like a Bay Area breeze in the city named for a pauper from mediaeval Assisi.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on July 09, 2018, with the headline The prosperity crisis in 'Golden Ghettos'. Subscribe