The Two Silicon Valleys: One of Haves, One of Have-Nots [NYTimes.com]
Silicon Valley is booming. Job growth is so strong that the recession is a distant memory. Average incomes are up, and the levitation of technology stocks and a pipeline of initial public offerings promise more wealth to come.
“The economy is sizzling, any way you slice it, and about to get hotter,” said Russell Hancock, the chief executive officer of Joint Venture Silicon Valley, a policy organization focused on regional issues.
And yet divisions within the region are growing.
Fewer than half of first-time home buyers can afford to purchase a median-priced home, and rents are increasing faster than incomes, especially for the middle class.