Monday, April 19, 2021
Uncategorized The big real-estate money in SF politics

The big real-estate money in SF politics

-

48hillstencon2
Packed crowd at the tenants convention raises the question: Can people power defeat big landlord money?

 

By Darwin Bond Graham

The tech boom has made San Francisco’s real estate the most expensive in the nation. Tech companies, from startups to Fortune 500 firms, are cleaving more and more income for themselves out of the U.S. economy, mainly through advertising, smartphones, and tax shams. As the preferred domicile of the tech workforce, and now even as a choice address for tech offices, San Francisco’s housing and commercial space is in hot demand from buyers who have seemingly unlimited cash. This has pushed up prices considerably.

Add the background effects caused by several years of bond buying by the U.S. Federal Reserve —the rise in all real estate values nationwide— and you’ve got a city where the median home price topped $1 million last year, and monthly rent for a one bedroom is averaging just shy of $3,000.

Into this maw of demand, the developers are shoveling units and square feet. Take a look at the development pipeline (available online courtesy of the San Francisco Planning Department – http://www.sf-planning.org/index.aspx?page=1691) and you’ll see a map of the 47.6 square miles of the city. Much of it, especially the eastern half, is crowded with projects, packing in housing, retail, and office footage. There are 50,600 proposed units of housing coming to San Francisco.

Approximately 27,000 of these housing units have already been approved, with 6,100 currently under construction. Most of the housing under construction is “market rate,” meaning that it’s priced for those who can afford to spend roughly $36,000 a year on rent, or who have a quarter million in cash to drop on a down payment.

Despite the popular myth that “Nimby” forces have retarded growth – or that the city isn’t allowing or approving enough new housing — San Francisco is a real-estate development beast. (more after the jump)

Tim Redmond
Tim Redmond has been a political and investigative reporter in San Francisco for more than 30 years. He spent much of that time as executive editor of the Bay Guardian. He is the founder of 48hills.

1 COMMENT

  1. Sterling Bank & Trust is not a “private bank”. It is a federal savings bank that is headquartered in Southfield, MI, Sterling submits a Report of Condition and Income, the same as any bank which you can download here: https://cdr.ffiec.gov/public/Default.aspx . It may be a closely-held bank. Corporations with less than 500 shareholders are not subject to the same level of disclosure to the Securities and Exchange Corporation.

Comments are closed.

More by this author

Radical right group is trying to attack public-sector labor in SF

Anti-union mailers are going to workers home addresses -- but really, this group is looking pretty desperate.

Breed won’t promise to spend real-estate tax money on rent relief

The voters approved Prop. I last fall to support tenants and affordable housing, but the mayor says she will use the money for her own priorities.

Reese Erlich, foreign correspondent and radical reporter, is dead at 73

After a life of progressive politics, ground-breaking journalism, and social activism, a legendary writer loses battle with cancer.

There’s a lot more to the GG Park debate than cars v. bikes

This is part of a huge discussion the city needs to have about transportation -- and equity -- in a post-COVID world.

SF could have affordable Internet for everyone for $35 a resident

Why isn't the Breed Administration moving for municipal broadband? That's The Agenda for April 11-18

Most read

COVID outbreaks continue in workplaces in California

The pandemic is far from over -- particularly for workers in vulnerable occupations.

New COVID-conscious Kapwa Gardens celebrates Filipino culture

Outdoor activity site in SOMA Pilipinas district was designed with safety in mind as people begin to gather again.

Money for ‘safe sleeping’ shelters — or permanent supportive housing?

Legislation by Sup. Rafael Mandelman aims to get people off the streets -- but homeless advocates are not supporting it. That's The Agenda for April 18-25

COVID denial is a grim rerun of AIDS denialism

Two decades ago, a cult-like crowd believed that HIV was harmless and AIDS was a plot. Many of them ended up dead.

You might also likeRELATED