I agree the Wedge needs more diversity. My neighbors agree. You make some good points here and it's true that some single-family housing in the Wedge is sky-high. However, not all of it is. There are plenty of houses below $300k, though those tend to be the houses that get taken first for apartment building. 2316-2320 Colfax is a good example and yes, I know they're rooming houses.I'd say any house over $300k (regardless of square footage) means you've got a buyer(s) over $100k gross a year. Considering the recent SFR price trends in the Wedge (David has acknowledged a while back in the 2320 Colfax thread that many are going for well over $500k nowadays), I'd say it's a fair assumption to say that one of two things is happening: 1) person/family pulling in $150k+ a year, 2) person/family receiving a sizeable donation from their parents for a down payment, and they're still pulling in $100k a year. Both of those things are solidly upper middle class. I don't have the ability to slice the data, but I'd wager a good chunk that the economic and racial diversity of people owning detached single family homes in the Wedge is pretty low - wealthier white people and old white people who have been there a while.
Keep in mind that many duplexes in the Wedge used to be single family homes. 80% of the neighborhood is renters, so there's lots of opportunity for lower-income folks to live there. Removing houses isn't going to make single-family homes more affordable. New apartments have not been affordable at all, so I don't buy the argument that tearing down houses for apartments will instantly make the neighborhood more affordable. There are plenty of cheap apartments available today. A cheap apartment is a really good way to save money toward a house.
My house is assessed well below $300k and it's one of the larger ones on the block. It's not in tip-top shape like the houses that have sold recently and it's true that the market value is likely much higher than the assessed value. Still, I think we'd be lucky to get $300k for it. It's not a starter home by any means but I think it'd be very accessible to a family trading up. We're not moving, though.
I will say that I was completely shocked at what a house across the street sold for, so I admit it's entirely possible I don't know anything about the housing market in the Wedge. That house had a complete restoration so it makes sense it would fetch a higher value. I think the buyers overpaid by quite a bit given what I've seen the market do over the last five years. Houses have sold for less than $300k, mostly in the southern Wedge.
All that said, it's a *good* thing to have expensive housing in a neighborhood. Keeping the diversity is important. Northsiders want luxury housing in their neighborhoods as well as affordable options. You just don't hear about it in the papers because it doesn't fit the white liberal narrative of what the Northside "needs."