Munich Personal RePEc Archive

Bifurcation as Seen in Silicon Beach Prosperity and Eviction Boom

Xing, Victor (2018): Bifurcation as Seen in Silicon Beach Prosperity and Eviction Boom.

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Policy-induced boom in non-bank funding enabled prosperity in the technology sector and large corporate issuers. At the same time, income growth remained stagnant in low-to-middle-skill jobs and peripheral areas amid persistent job polarization, and combination of asset price appreciation and soft wage growth led to rising evictions in lower income households. Bifurcated economic growth appear benign to monetary authorities as areas of growth dominate aggregate data, but tighter funding conditions would risk cooling the “growth engine” amid declining tolerance for downside shocks. Furthermore, rising wealth inequality and popular discontent have demonstrated their ability to reshape the political landscape.

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