The quote above is from an economist saying existing home prices have to fall because they're priced out of reach of people's income.
This just further supports our argument that Coyote Valley's Draft Fiscal Analysis was fatally flawed in assuming housing prices (and resulting tax revenues) will go up 2% faster each year than income, every year for 57 years. The economist linked to above says the ratio between housing costs and income is already unsustainable. To think this unsustainable ratio could be made much, much worse, and then sustained at that level for decades is simply ridiculous.
This is why we think it's wrong for San Jose to hire analysts that were already selected and hired by developers to do an analysis of the developers' project.