Glenn Kelman, CEO of real estate startup Redfin, recently warned of an exodus of tech-specialists from Silicon Valley as the average price of property there topped $1 million – more than double the averages in Seattle, Boston or Portland.
It would be fair to say that property prices rose during the Gold Rush too, but that is where the comparison would have to end. Because back in 1849, they climbed to levels that would make modern Californians weep.