Will I Be Priced Out of My Own Hometown?

A question that's been top-of-mind for me recently is whether or not I'll be able to live in my hometown after college. And I'm honestly not sure if I will be able to. Whether it's after college, or even after that. It isn't an urgent question for me, I'm seventeen and still in high school, but as I get closer to adulthood it's become something I've thought seriously about.

As tech and AI money floods into the Bay Area, the value of a house here has climbed faster than most people's ability to buy one. But rising prices are only half the story. The other half is that the people who live here strongly oppose selling, because doing so would trigger a reassessment of their home’s value that could send their property taxes soaring. Our state permits people to maintain their original property tax rates as long as they don't sell their home, which decreases the supply of the housing market—especially harmful in an environment of increasing demand. Meanwhile, the rental market isn't much better.

A few weeks ago I spoke to a member of the Redwood City Council, and what she had to say was very encouraging. She grew up near Spokane, Washington, where the standard was children moving away as soon as they finished college, something driven by fierce opposition to new development alongside a lack of selling. As we walked around a park she pointed out the many multi-generational families spending time together: "this is how everywhere should be," she said. This strongly resonated with me. Both my parents grew up within an hour of where I live now, and some of my most treasured memories are of driving up to see my grandparents every Christmas, having dinner at the same table with our cousins, and opening presents the next morning. I'd love for that to be a feasible option not only for my kids, but for everyone.

As I've spent more time learning about policy, something caught my attention. On July 1, New York City Mayor Zohran Mamdani's pied-à-terre tax took effect—an annual tax on second homes worth $5 million or more that aren't anyone's primary residence. It's expected to raise around $500 million a year, a significant amount of money that could make a real difference to the city's budget shortfall. It's already being challenged in court by homeowners and criticized by the Trump administration. While the effects and long-term impacts are yet to be realized, I think this has some real promise.

The Bay Area doesn't need to copy New York's tax exactly, but given the accelerating influx of tech wealth, I'm sure we could implement a marginal tax that would meaningfully help address the acute housing shortage so many in California and the Bay Area struggle with.

That money could go toward subsidizing ADU construction: a housing solution that works around Prop 13's incentive to hold on to home ownership. And thanks to a string of state legislative fights over the past several years, ADUs are now one of the easiest paths through local zoning restrictions in California.

I know this is one piece of a much bigger picture, and I'm sure there are aspects I haven't considered. But I am sure of one thing: it shouldn't be a privilege to live in the same city you grew up in. Human connection is one of the largest drivers behind where people live. People move for spouses, for friends, and for work. Housing is such a limiting factor to living a fulfilling life, and it's heartbreaking to see it be the deciding factor for so many people. It isn't fair that so many people are priced out of such priceless experiences.