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Michael Durwin -- The stats at 

http://elias-levy.tumblr.com/post/74103701680/san-francisco-eviction-protests

show that the problem is more perception than reality.

That said the people in the middle are getting squeezed, and that includes people working in technology.  None of my coworkers could pay cash for property like you mention.

The people paying cash are the speculators and investors looking to cash in on the growing economy.

Paul Lindner, Jan 23 2014 on 1500wordmtu.com