San Francisco is replacing its low-income and working class populations with (very) rich people.
Graph courtesy of @sfplanningpic.twitter.com/SIH90kz9kU
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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San Francisco is replacing its low-income and working class populations with (very) rich people.
Graph courtesy of @sfplanningpic.twitter.com/SIH90kz9kU
So why is less than 30% AMI rising slightly?
It's telling us what we already know. That the only non-wealthy residents who are living in SF are living in subsidized housing for very low-income residents. No refuge for lower-middle and middle-incomes. What's happened to the Black Community in SF is happening on a wider scale
I think there’s a larger conversation to be had about how CA cities are effectively financially structured to replace their own working-class populations. You have unpredictable, large (and usually growing) unfunded liabilities, a historically formidable 2/3s threshold to raise
Yeah pensions, but what's that to do here? Is it because cities like SF keep promoting job development to compensate their revenue shortage brought about through Prop 13, MID among other things? So the only ones able to live there are the rich and those assigned housing?
SF is not in as bad a pension situation as the vast majority of CA cities because it is a combined city-county government
SF had a much worse looking pension liability situation coming out of 2008/9 when Ed Lee came into power than it does today.
Still not easy https://sfmayor.org/sites/default/files/Five%20Year%20Financial%20Plan%20FY17-18%20through%20FY21-22%20(Updated)%20FINAL_0.pdf …pic.twitter.com/cFSRTG9Bhc
When he first came into office, he signed a $6.8B budget. London signed an $11B+ budget. So under him, city added like $5B in tax revenue per cycle but that’s obviously not as fast as rents/real estate values appreciated (especially via a vis wages).
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