San Francisco is a beautiful area.
Rich people like to live in beautiful areas.
The problem is, the rich don’t like having all those other people around.
So, they sit in their fortified estates and make life miserable for everybody else in the area to make them move out.
Too much riffraff on their beaches and roads.
RE: So, they sit in their fortified estates and make life miserable for everybody else in the area to make them move out.
So, this tells me that the only people who LIVE in San Francisco are the 1%?
And when they sell their property, they only sell to the 1%.
Regarding rents, at any time, there are 15 or 20,000 vacant apartments. A huge reason is the owners don’t want to rent, they don’t want to be slaves to rent control or they just want the property value to increase. There is one building in the Russian Hill area that is completely vacant - it probably has 30 or 40 units.