All because of stupid regulations. CA state had forced apartments to adopt environment standards. All modification had increased price.
Kinda looks like SF tops the income-inequality list for major US cities.
By the way, Democrat mayor, Democrat mayor, Democrat mayor, Democrat mayor.
During a taxi cab ride in 1972, while crossing the Golden Gate the cabbie pointed out some nice homes that had a view of the bridge and said “those will run you 40-50 grand”.
these stories are always made up of vapor. if nobody could afford the rent (whatever it is), then nobody would be renting, and rents would drop on their own accord.
I live and rent in Los Angeles. $3,300 for a 2 bedroom ? Poppy cock! My wife and I have a very nice 2 bedroom home that we rent. It is not rent controlled. We pay $2000 a month. It’s a damn nice place.
Prior to that for 20 years I lived in a rent controlled good siz ed single apartment in Encino. When I left there I was paying $900 a month. That same apartment now is around $1575. It’s a good deal more expensive in 2016, for new move -ins. But it sure ain’t impossible.
Good grief everyone, including the dog and cat, would have to have full time jobs to cover those prices and have part time jobs to put food on the table.
It is a good time to own rental property in the Bay Area.
And you have to rent in a safe area! Makes it even worse. OF COURSE millennials live at home. It is not possible to afford to live anywhere else, especially if you have a starter job or are attending school.
I wouldn’t consider relocating to the Bay Area for anything less than 500-600k. But that’s just me.
Keep in mind these are averages that are skewed by high-priced luxury skyscraper apartments. The reality is that you can get an apartment for perhaps $1500 with a corresponding much lower income than $216,129 salary. That having been said, one of my daughters was renting a one-bedroom apartment in an upscale area of SF for about $1600, and when she and her husband moved a couple years ago for larger quarters, the former apartment was hiked to over $2300 for the new tenants. So yes, rents are increasing dramatically.
My son is an intern this summer in Palo Alto. He is renting a shed in someone’s backyard. It has a bedroom, a bathroom, and one other room for combined living/kitchen space. He has electricity, no AC, and only a hot plate and mini fridge. He says it is about 450 square feet.
Rent is $1200 per month. Thank goodness his employer’s living allowance is $1700 per month so he has money for food and transit. Thank goodness he got a real degree so he has an internship with good pay and a housing allowance.
But he lives in a shed.
(He is going back for a Master’s which is why this is just a summer internship).
When I moved to San Francisco in 1968 I shared an apartment with a friend. We paid $165 a mont on Nob Hill and could jump on the cable car for a quarter to get to work. Can’t even buy dinner for two for that now, I bet.