SAN FRANCISCO—Since 2011, San Francisco’s median rent has been on the rise to be the highest in the nation, surpassing the cost of New York City. As of May 2015, San Francisco became the most expensive market in the United States, with the average cost of a one-bedroom apartment at $3,500 per month.
Devin O’Brien of the real estate site, Zumper, states that “the Financial District, South Beach, Soma, Mission Bay, Pacific Heights, and Russian Hill continue to be the most expensive areas of the city,” with the average price point of a one-bedroom apartment at nearly $4,000 per month. Alleged culprits of the rapid gentrification have been attributed to the Bay Area’s prolific tech companies, Airbnb, and tech buses that transport workers from the city into Silicon Valley.
In an effort to delay the pace of rising rent and luxury housing developments, city official, David Campos, proposed a 45-day halt on construction and development of luxury housing units in the Mission District. This temporary suspension would ideally grant city leaders an opportunity to study potential solutions to create more affordable housing for the lower and middle-class residents of the Mission District. Hundreds of local residents came out to voice their unwavering support to “save their neighborhood” from the impending gentrification that has overtaken so much of the city.
After a nine-hour meeting in City Hall on June 2, San Francisco Board of Supervisors announced that the moratorium would not be implemented falling two votes short of the nine votes needed in order to pass. There is still discussion of pushing this proposal onto the ballots in November to provide local residents an opportunity to decide.
As it stands, approximately 85 percent of new construction in San Francisco has been for luxury apartments and condominiums, forcing many longtime San Francisco tenants out of their homes.
The San Francisco News
—
