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.
Yeah based on my admittedly anecdotal experience I’d say entry level programmer salaries went up more than 50% in real terms over last ~20 years in SF. Other jobs valuable to tech (marketing, analysts, etc) also went up but by smaller amounts.
But property values did what? They went up by like 300%.
Yep! Was trying to agree with you and provide some color that there was real wage growth in the tech industry, and it basically all went to landowners in the end.
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