Don't dismiss it because it doesn't cashflow as well as the low income neighborhood properties.And if you really think about it... had you invested in NYC from the Financial Crisis until today.... you would easily have been on your way to be a $millionaire.Investor Llew

(Also, I did an evaluation of how the area weathered the 2009 financial crisis and discovered home prices were significantly less volatile than the majority of the rest of the country.

Wage growth has not recovered from the financial crisis.

An answer to the affordable housing crisis can simply be put as: increase the supply of housing.

It was the “Great Recession”, the worst economic crisis since 1939, accounting got a gap of nearly 50 years between the two events.

Independent mortgage broker market share was single digit 2 years ago, since COVID-19 hit it's risen to around 20%.https://www.mpamag.com/news/even-amid-pandemic-brokers-snap-up-market-share-223529.aspxEach individual bank is handling the crisis differently.

I am not saying that we will experience the devastation that we did during the 2008-2010 crisis.

Then there are occasional crisis: HVAC went out: $4000 repair.

I think the most concerning component of the current banking 'crisis' (and let's call a spade a spade) is that nobody really knows what the bad debts are but sooner or later we're going to pay for them. 

California is indeed in dire need of looser building restrictions and it's both a shame and really a humanitarian crisis that their politicians, particularly the local NIMBYs, have manufactured.