The latest edition of an annual survey reinforces what many Bay Area residents already know, which is the Silicon Valley is "painfully" expensive.
The annual "Silicon Valley Pain Index" is put out by San Jose State University and it focuses on things like income inequality.
The survey recently found that a tiny minority or .001% of Silicon Valley households hold $100 billion of liquid wealth. That's a staggering 12 times more than half of the entire Silicon Valley region.
“You need more housing here. Period," said Christopher Thornberg, founding partner of Beacon Economics. "Why is housing so expensive here? Because there's a lot of demand from high income folks, and you won't build any. Housing supply here has barely expanded."
The concern being that even though job and wage growth are still strong in the area, the high cost of living compared to other cities may turn young people away.
"Look, San Jose was built on young entrepreneurs working out of garages. No one can afford a garage! Where are you gonna build your first widget?" Thornberg said.
Scott Budman has more in the video above.
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