I think this is driving much of Berkeley price increase. People in SF look at what they can get there, decide to look around, see the same thing in Berkeley with plenty of parking, a lot more space, and in a better area (even in Berkeley worse areas) and buy. An acquaintance recently sold their house in a roughish part of a neighboring town with some similar features to SF (walkability, transit, hipstery things) for an astounding price recently I assume to someone from SF who thought it looked cheap..
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