California
Related: About this forumAlmost Half Of Newly Built Condos In S.F. Are Second Homes For Peninsula Wealthy, Others
http://sfist.com/2014/09/30/almost_half_of_newly_built_condos_i.php48Hills found in property records that, unsurprisingly, high-end spots like the Four Seasons residences (765 Market Street) and the St. Regis (188 Minna Street) had upwards of 60 percent absentee ownership something which makes sense when you consider the fact that the developers were building concierge-served penthouses on top of luxury hotels that would be attractive to out-of-towners. The Millennium Tower with its 426 units has 213 absentee owners, or exactly half. They also note that a few of these properties with views can be spotted regularly on Airbnb and VRBO, renting for crazy amounts like $6,905 a night.
But what does this mean for San Francisco's ongoing housing shortage and the mayor's ballot initiative to set a 33 percent goal for affordable housing? Well, it fuels the fury over the notion that the only housing getting built is not serving the needs of the existing San Francisco middle class. The left has been arguing for years that these high-end units are getting snapped up by wealthy tech elites moving up here from the Peninsula or other cities, and the remainder of them being bought by well off empty-nesters from the North and South Bay who want to spend more time in the city, and jet-set investors who spend the majority of their time elsewhere.
The difficult piece of this argument is that for the vast majority of real-estate markets in the U.S., including popular resort areas that draw second-home buyers, the law of supply and demand is readily evident to the people who sell real estate. The market fluctuates, prices are kept in check by a finite amount of demand. But for places like Manhattan and San Francisco which are both thriving business centers and desirable playgrounds for the wealthy, not to mention desirable hangouts for rich people from abroad, there is always going to be a complicated layer added to the supply-and-demand theory that forces prices up and keeps demand strong via outside sources. There is no question that the middle class in San Francisco (defined here, basically, as people who make less than $150,000 but more than $60,000 a year) is left with few options except to rent, buy fixer-uppers, or to wait for the promised "middle-income" housing that Mayor Lee has given much lip-service to in the last six months.
randys1
(16,286 posts)the world travel to see, is disappearing.
Neighborhoods, history, murals, etc.
People are disappearing and a bunch of young techies are in their place.
Bummer
Reminds me of
KamaAina
(78,249 posts)randys1
(16,286 posts)giving tech co's tax breaks.
You have to legislate it away, can be done.
randys1
(16,286 posts)KamaAina
(78,249 posts)but he's getting very little support outside the 49-square-mile kingdom. The developers have deep pockets and no qualms about lining legislators' pockets with them.
randys1
(16,286 posts)him, he saw this coming, my friend.
KamaAina
(78,249 posts)after repeatedly telling the citizenry he would not (he inherited the office when Gavin Newsom became Lt. Governor).
randys1
(16,286 posts)Ross Mirkarimi is my friends friend and he is working to elect him
KamaAina
(78,249 posts)(as we say out here; there are no "problems" in California, just "issues" )
He was nearly removed from office because he pled out to domestic violence charges. What saved the day is that it happened after the election but before he was sworn into office. Even then, a majority of the supes voted to give him the boot, but not the supermajority required.
randys1
(16,286 posts)that it was the nosy neighbor
I dont know, I wasnt there...politically he is real good though
KamaAina
(78,249 posts)randys1
(16,286 posts)I get all my info on this from my friend, and his bias may have him telling me a slanted version.