This basically seals the deal that San Francisco is going to be a Big Tech town going forward; if you are a mid-size company or smaller, you need to pick another city or go remote (if you haven't likely done that already).https://twitter.com/MLNow/status/1214242370478170113 …
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Dilemma of the Bay Area city. 1) Say no to office growth = will be harder to keep up with deficits & $10B pension/OPEB liability + big companies that are more resourced and adept at tax evasion will crowd out everyone else + gentrify East Bay.https://www.sfchronicle.com/bayarea/article/SF-mayor-orders-budget-cuts-as-city-takes-on-14911585.php …
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2) Say yes to office growth = gets disproportionately priced into residential real estate with little recapture from existing property owners to compensate for impacts because of Prop. 13.https://www.bizjournals.com/sanfrancisco/blog/real-estate/2016/01/san-francisco-home-values-zillow.html …
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But this measure won't meaningfully add more funding for affordable housing. It will just ban office space in SF, and then shift the calculus of office space feasibility into other Bay Area cities.
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So the new line of thinking today to solve the housing crisis in the Bay Area is to address the jobs-housing imbalance -- not by building more housing -- but by banning everything else like office! See Palo Alto's most recent mayor: https://sf.curbed.com/2020/1/13/21062784/palo-alto-mayors-housing-crisis-sb50-filseth-fine …pic.twitter.com/L69yrb03CR
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And in SF with Prop. E, which is marketed as an affordable housing measure, but is actually a long-term office ban that all but ensures that only cos like Google & FB will be able to afford SF long-term & will push offices into East Bay, South SF: https://www.citylab.com/equity/2020/01/san-francisco-affordable-housing-office-space-proposition-e/604651/ …pic.twitter.com/S2ynDQHhUb
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Big Tech crowding out everything else, Part #4193 from
@alexismadrigal:https://www.theatlantic.com/technology/archive/2020/01/why-silicon-valley-and-big-tech-dont-innovate-anymore/604969/ …Show this thread -
Oh, a report from the city economist showing that the board of supervisors wants to cut SF’s GDP growth by $23 billion over the next 20 years in a measure that doesn’t actually increase funding for affordable housing.https://sf.curbed.com/2020/1/28/21111334/san-francisco-prop-e-balanced-housing-act-report …
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Everyone actually running the campaign for this measure doesn’t care about the future because they’re not going to be around anyway. https://twitter.com/tribtowerviews/status/1191938766371467264?s=21 …https://twitter.com/TribTowerViews/status/1191938766371467264 …
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End of conversation
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Housing policy only costs half a house? who set that up?
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