Slashdot Mirror
San Francisco's Rent Hits a New Peak of $3,690, Highest in the US (cnet.com)
An anonymous reader shares a report: The median rent for a one bedroom apartment in San Francisco has reached a new peak of $3,690, according to survey data from Zumper, a home and apartment rental app. That's also a rise of nearly 9 percent from the same time last year, the survey found. Not only are those figures high enough to make your bank account cringe, but they're also nearly 30 percent higher than New York City and more than double the prices in Miami. Seattle, home to Amazon and Microsoft, rang in at $1,970 and Washington, DC, hit $2,150.
Oh, and by the way, while San Francisco's prices rose, the median price of one bedroom apartments across the US dropped nearly half a percent during this same time. That means while San Francisco's prices climbed, the country's prices fell. "Though there may be a ton of cash flowing through the city and surrounding areas soon, many of these workers will not immediately invest in a home and may, instead, take their money to both travel and upgrade their rental situation," Zumper wrote in a blog post Thursday.
Oh, and by the way, while San Francisco's prices rose, the median price of one bedroom apartments across the US dropped nearly half a percent during this same time. That means while San Francisco's prices climbed, the country's prices fell. "Though there may be a ton of cash flowing through the city and surrounding areas soon, many of these workers will not immediately invest in a home and may, instead, take their money to both travel and upgrade their rental situation," Zumper wrote in a blog post Thursday.
If your tech company cannot support remote work in the year 2019, then you're working for the wrong damn tech company.
There's only one way you're going to get prices to revert to semi-reasonable levels in the Bay area; stop feeding that fucking stupidity.
If you live in California and pay rent you know what I mean. If I seriously have to consider downgrading my standard of living and look for a sublet somewhere and live out of a single room in someone else's house, then things have gone horribly wrong around here.
NIMBY means there's not a free market; governments are preventing the market from operating.
As the rent goes up, it becomes a lucrative business deal to buy up properties, demolish what's there, and build housing. That's what a free market would lead to, but that's not allowed to happen.
Calling it "the government" just hides the blame. Existing property owners are blocking new construction. And no wonder: the value of their property skyrockets thereby.
Socialism: a lie told by totalitarians and believed by fools.
How is anyone forced to live there?
If you can afford that rent, you can afford a bus ticket out of there.
And that's EXACTLY what's happening. Folks are leaving both the cities AND the state because it's too expensive to live there. They are heading to places where the cost of living is lower. Places like Texas, Florida and other places where an $800K house isn't a two bedroom shack.
Wait, so people are moving away in droves, and prices continue to rise! That's crazy! It goes against pretty much everything written about supply and demand! Imagine how much apartments will cost when EVERYONE has moved away!
And they can keep their significant economy.
What good is making more money than red states when 1 bedroom apartments costs $3,690? That is more than 3 times the cost of apartments in San Antonio. And no, your minimum wage is not 3 times higher than minimum wages in San Antonio.
Yup, both you and the parent are right. It IS out of whack. But in the US, we've collectively decided that we're a dog-eat-dog country, and we don't let the government intervene to help people (or even regions). It sucks, but wealth concentration is inevitable if you let capitalism go unchecked for long enough.
I think it's a terrible system (or lack of a system), so I vote to change it, and I'm going to continue to vote to change the system until I eventually leave the country for somewhere more civilized.
I don't respond to AC's.
And they can keep their significant economy.
What good is making more money than red states when 1 bedroom apartments costs $3,690? That is more than 3 times the cost of apartments in San Antonio. And no, your minimum wage is not 3 times higher than minimum wages in San Antonio.
Minimum wage is not enough to pay for a home in the most desirable part of any City. Typically only the most well off live in the most expensive areas. Plenty of Californians CAN afford their mortgage and rent with money left to spare, because the wages are higher (and/or they live out of the most expensive areas).
"That's the way to do it" - Punch