In *every* hierarchy, the smarter/more ambitious will crawl to the top. Thus *every* system is a meritocracy of some form. The issue is how incumbents are held accountable and the structure of the ladder... https://twitter.com/jcbonthedl/status/1313250491179192322 …
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Compared to other cities they don't. Very little of the housing stock is professionally managed, most is inherited because of Prop 13 and run by absolute incompetents. Stuff like the daughter inheriting daddy's units and not bothering to water seal is the norm for SF landlords.
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You don't get instant adjustment but that example is someone on the way out of owning property in SF.
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