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Gotta Live Someplace
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Home prices are up 92% in five years in one California city, but it's not one where you'd expect people to want to live. No, it's Stockton, widely considered one of the most depressed cities in the nation. Why are home prices skyrocketing there and in similarly depressed nearby Lodi? Because people who can't afford Silicon Valley or the Bay Area are fleeing to Stockton, where the prices, even as they skyrocket, are still lower, and if you don't mind a two-hours-each-way or longer commute, you can live there and get to your job Palo Alto or Sunnyvale or wherever you've been priced out. One problem: If prices in Stockton keep going up and THAT becomes unaffordable, where will people go? And if you're a poor existing resident of Stockton and rents go through the roof, what can YOU do? (San Jose Mercury News)
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