A friendly reminder that this site was slated to be housing but in 2014 the City put out a request for office space instead. In the midst of a housing crisis, our City leaders traded in 500+ homes for 4,000 workers.https://www.sfchronicle.com/business/article/Facebook-signs-lease-at-Park-Tower-in-SF-12927217.php …
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It's as if you were dying of thirst and instead of reaching for water you grabbed the saltine crackers instead.
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Fast forward to 2018 and there are about a dozen homes that have sold for less than $850,000 in the last two months. Only 12 families have found homes at the absolute rock bottom level of our price range in the past two months.
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By my count, there are another dozen or so currently on the market that will sell in that price range. There's now another 4,000 people competing for them.
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If you think we've learned our lesson, think again. We're about to approve the Central SOMA Plan in the next few months. It'll add 40,000 new jobs(!) and only 7,000 new units of housing.
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If this seems like a big deal, that's because it is. But you'd be forgiven for not knowing that, as we're somehow in the midst of a mayoral race that has hardly touched on it.
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Frankly, I've been shocked by how little we've talked about housing in this mayoral race. We've gotten plenty of vague, rehearsed answers, but very little beyond that.
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Which is sad, because at every house party our candidates go to, they should realize that—at our current trjectory—if the people in the room don't already own a home here, they'll probably never be able to own a home here.
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Frankly, it's a sobering exercise for all of us. The next time you're at a party, look around the room. Do the people in the room already own a home? Congrats! You're stable and gaining absurd equity in one of the most livable places on earth.
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Make that single-family homes. Those of us who bought condos in the past 3 years (most SF millennial homeowners) aren’t really gaining equity anymore. Even homeowner equity is all going to the boomers. https://www.paragon-re.com/trend/dynamic-updated-market-analytic-charts …
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