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One more thing on rent control and SF. SF uses a similar formula as Oakland with a rent board controling increases. However, if you look at their % increases it's totally not in line with what's going on in SF. It's 1%, or 0.5% per year, not even in line with annual inflation.
Either that, or there are a lot of 1%'ers in SF, which is possible.
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2011 Oct 30, 8:37am
not even in line with annual inflation.
Why does rent have to go up with "inflation"?
The bulk of the cost of rent is mere site value, and that isn't a line item in the landlord's budget.
LL's mortgage payment sure as hell doesn't go up with inflation.
We rented a place DT on the Embarcadero as we are new to the city and didn't really know where we wanted to live and didn't have time to visit the city to shop around for rentals. What we rented is nice, but nothing great. It does have a stupendous view of the Ferry Building and overlooks a huge chunk of DT and the SF Bay. Stunning. 600sf, an equally large balcony on the 18th floor and a block to Bart/Muni and the Transbay Terminal. Rent $3200. Rather steep but manageable and I get it for the convenience and view. Tonight I find out that if we choose to stay, our rent is going up to.....drum roll....$5200/month. No lie.
This is partly because of corporate rentals. They are distorting the market a bit in certain locations that are close to jobs.
Rents in San Francisco reflect that it is one of the few places where there are jobs, and there is pressure from foreigners to buy/rent there. San Francisco is one of the preferred places to buy for rich Communist Chinese officials who have gotten rich by corruption.
Thanks for repeating talking points, but this is all nonsense. There are far more jobs in the East Bay than San Francisco. The foreigners thing is way overblown, and the "rich by corruption" Communist party stuff is absolute nonsense -- what is your source that this is common?
Hey, SF does actually does have rent control. So how can this guy's landlord raise his rent so much?
New building. Rent control only applies for 1978 or 1979 and older typically, although there are ways to have newer buildings be part of it.
no city has the climate to compare with San Francisco.
You really don't spend enough time in San Francisco. San Francisco's climate is not that great compared to other parts of the Bay Area that have shorter commutes to SF than certain parts of SF. SF is usually cold and windy, and large parts of the city are ridiculously foggy.
SF and NYC are examples of broken rent control. It encourages people to never move, which in turn creates a supply shortage, which in turn drives prices up for newcomers. Basically, new renters are subsidizing the old renters.
Yeah, this is how rent control in SF works. Sometimes you even see people who have lived in an apartment since the 1960s, while they were in college, and now they have grandkids and still live in the same place. This drives up rents artificially because it makes the market illiquid.
There are also many geezer millionaires (stereotypically female heirs) who live in rent controlled places in SF who are abusing the system.
Either that, or there are a lot of 1%'ers in SF, which is possible.
There are, but there are also tons of relatively poor people (compared to the 1%) in SF too. Median income is something like $70K. There are also plenty of 20- and 30-somethings who are out of college but live in college-like housing situations -- e.g. everyone pays $1000/mo for their room in this house. That drives up rents too.
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The last weeks I have, like most of you, been thinking very intently on the state of our union, the economic disparities, the corruption of our systems and institutions, real estate and even OWS.
So here is another kicker. I decided to toss in the towel and buy a place, in spite of most here and elsewhere reminding me of my potential folly. But I finally found a place that we adore and it made financial and spiritual sense so to speak. It just feels right. Tomorrow we close on the deal.
Tonight under the door, our rental complex 'landlord' slipped a rent increase notice under the door. When I read it I about sheet a breek. We rented a place DT on the Embarcadero as we are new to the city and didn't really know where we wanted to live and didn't have time to visit the city to shop around for rentals. What we rented is nice, but nothing great. It does have a stupendous view of the Ferry Building and overlooks a huge chunk of DT and the SF Bay. Stunning. 600sf, an equally large balcony on the 18th floor and a block to Bart/Muni and the Transbay Terminal. Rent $3200. Rather steep but manageable and I get it for the convenience and view. Tonight I find out that if we choose to stay, our rent is going up to.....drum roll....$5200/month. No lie.
So of course I am elated that we have someplace to move to, for quite a bit cheaper, 3x as big and in a great setting and neighborhood just north of the city. But I truly get why the 99% are so pissed and why OWS is more than justified in their anger. It is like everyone is now out of their homes or folks with good jobs and cash can't even buy a place if they wanted to are all flooding into the rental market, allowing landlords such as mine an open opportunity to screw everyone. Pay it or get out.
So my question is this; do they now have us pinned in a double whammy? Is this the beginning of skyrocketing rents even as housing prices continue to drop lower? Is the middle class just so screwed that it has gone completely numb with the shifting realities? Quite frankly, I am joining OWS. I used to even be a loyal democrat. I am now, simply, the 99%.
So what are your thoughts? More rent increases? More social unrest due to what I describe above? I am just a little freaked out at the moment I guess. I do well financially and can only feel compassion for those who make far less. Not even sure how folks are making it. I know, I know, some will say that they are renting someplace an hour or two from the city for 400/month and they don't know what I am talking about....Love to hear what you are all seeing/hearing/and experiencing out there....thanks.
#housing