It’s the same story on the East Coast. Cape Cod homes are still going for $200k over asking price, cash in hand, just like they were during the COVID quarantines. Boston’s CoL is around the same as LA, and they’ve basically run out of land to build on.
I grew up in a vacation town, and everybody I’ve ever talked to who also grew up in one has the same story. Up to 50% of businesses close down after the tourist season, so most of the town is closed (and the jobs are gone) for 8 months out of the year. Drugs and homelessness run rampant while locals can’t afford a living, and the rich folks keep shutting down any publicly funded projects to keep the taxes down on their second home.
It’s the same story on the East Coast. Cape Cod homes are still going for $200k over asking price, cash in hand, just like they were during the COVID quarantines. Boston’s CoL is around the same as LA, and they’ve basically run out of land to build on.
I grew up in a vacation town, and everybody I’ve ever talked to who also grew up in one has the same story. Up to 50% of businesses close down after the tourist season, so most of the town is closed (and the jobs are gone) for 8 months out of the year. Drugs and homelessness run rampant while locals can’t afford a living, and the rich folks keep shutting down any publicly funded projects to keep the taxes down on their second home.