Median household income has almost tripled in San Francisco in the last 25 years. More wages are always good but if that’s just chasing the same housing, all the money goes into the pockets of homeowners.pic.twitter.com/aKiq8EqnUI
Partner at @initialized. Previously @techcrunch. When life hands me lemons, I make tarte au citron.
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Median household income has almost tripled in San Francisco in the last 25 years. More wages are always good but if that’s just chasing the same housing, all the money goes into the pockets of homeowners.pic.twitter.com/aKiq8EqnUI
How much of this has been due to a change in who is living in SF? Actually curious about this.
SF has actually been able to hold its $0-50K range steady over the last 15+ years because we do have deed/income-restricted units for that level. We don't have a way to produce deed/income-restricted units for middle-income however bc federal programs don't support it.pic.twitter.com/USBJXReqPc
When you combine local subsidy with federal/state programs, projects end up trending toward lower AMI because that's what those programs support. If you want to do middle-income, it can cost more in terms of local taxpayer dollars bc of lack of state/federal support.
Right. So would it be fair to say the rise in median income has been due to middle class flight rather than real wage growth, since lower class has held steady but middle class has been replace by wealthier population?
well why can't the middle class stay? They can't afford to stay. They can't compete when SF has 1/3th to 1/4th the property turnover rate of the US and builds 2K units a year against 10K/yr population growth.
Right. I agree. I'm not arguing against building more. I'm just saying there is also a systemic inequality issue and there isn't real wage growth.
there's likely wage growth, but it's not growing/compounding as fast as property values. California's system w/ Prop. 13 is designed to amp property values. Only 5,500 or so homes are sold each year in the entire city of SF.
People sell properties at a much lower rate than in the rest of the country because you can hold your property tax basis and pass it along to your kids. The % of our housing inventory for sale at any time is usually 1/3-1/4th of NY's rate, for example. https://sf.curbed.com/2016/9/21/13004272/san-francisco-home-inventory-rises …pic.twitter.com/MJUgWYACkC
(that chart is California-wide, not for SF. The city is *way* lower.)
The city and the state are also financially incentivized to bring in higher-wage earners. Seventy percent of our state budget comes from personal income tax, 50% of that comes from the top 1%, 40% from the Bay Area.
Longstanding property owners, whose taxes don't keep up w/ the cost of servicing their homes with schools, police, fire, are absolutely complicit in that. If they are paying tax rates from the 1970s/1980s, their city government will have to look elsewhere to make up for it.
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