Yes, I do believe it’s people who may be entering the tech world in San Francisco buying these houses but I don’t believe they’ll stay in them very long (and they’ll definitely not get what they paid for the house once they sell it).
Oakland has extremely strict renter laws (I am one of them) and it’s virtually impossible to get us out. Oakland has extremely progressive social services. On top of the crime rate (their houses WILL get broken into, their cars WILL get stolen) I don’t see rich tech people staying in East Oakland for long enough to kick out the working class such as myself.
And then, the bubble bursts. These houses really just need to be listed at what they’re worth. This isn’t Lake Merritt, Rockridge or Uptown.