[sloxy]

I find it beyond belief that local homeowners are being so short sighted. Do they not worry what their children/grandchildren are going to do for accommodation when they are property hunting? Or is their assumption that screw them, that's their problem?

[pwinnski]

As with most issues, what does the future have to do with today?

Most people don't want to take the risk of a huge hit on their property value today in exchange for a chance at avoiding crisis some day in the future. Ideally, some other chumps would take a huge hit on their property values for the future, and mine would remain high.

I don't actually live in SV, but that sort of thinking is everywhere.