The Great Recession : The Economic Setback Of United States Essay example

1314 Words Dec 17th, 2015 null Page
The Great Recession that happened between 2003 to 2009 was the greatest the economic setback of United States. Over the period, the calamity erased an exorbitant amount of dollars of wealth, with millions of workers getting unemployed and companies shutting down. The Bay area in Northern California is also affected with the Great Recession. Nonetheless, rapid development of technological industries like Google and Apple have created a driving force to revive the Bay area’s economy with a 9.8 percent increase in employment (reports.abag.ca.gov). The quick recovery of Bay Area that outpaced the entire California has attracted people to move and work in Silicon Valley, hoping to have a better life. However, their hope quickly faded as people who are wishing to immigrate to Bay Area stumble upon a great crisis – housing. Having a house is a sine qua non for every people, as it provides shelter and accommodation; without it, people would have to face homelessness for their entire life, unless they get a job to afford a house. A report by San Francisco Bay Guardian reported that the median rent for a one-bedroom apartment in the city has reached an alarming amount of $3000 (Rodriguez 4). The skyrocketing housing cost is a burden to everybody, thus the government should increase housing inventory to fulfill the demand, making it affordable and livable. With industries growing, the housing crisis is pushed to devastation due to the gentrification pressure following the development…

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