Complaining about rent in San Francisco is like whining about traffic in LA—it’s never going to change. San Franciscans love to talk about how much it costs to live in this city, which is mostly due to its outrageous rent prices. No matter how much we dwell, the situation remains the same. It’s almost as if we are attached to our own complaints—or the city is totally immune to them. But this week we learned that London Breed is just like us(!).
London Breed Has Always Rented in SF
“I’ve been a renter all my life,” London Breed said in her inauguration speech on Wednesday, according to SF Gate. “So many of my friends have left San Francisco. I don’t want to see this happen to the next generation.” A new report claimed that an average household income needs to be around $303,000 in order for a person or family to buy a home in SF. As mayor, she will earn an annual salary of $335,996—so maybe that will change for her.
More Than 60 Percent of SF Renters Have Rent Control
’Scuzeme? Is this why rent is so expensive? According to a report in Curbed, the city revealed at a San Francisco Planning Commission meeting this week that “more than 60 percent of renters live in housing that is subject to the city’s rent-control ordinance.” That would mean, according to the report, that more than 39 percent of SF’s population lives in rent-controlled housing. Hmmmm.
San Francisco Is Officially the New Silicon Valley
Outside the Bay Area, San Francisco and Silicon Valley are often lumped together. But for natives, they are very different. However, according to a new report in San Francisco Chronicle, the city is the new valley. Why? “Shift happens,” a venture capitalist explained. Err, those who have been fighting gentrification and rising rent costs in the city will not be happy to hear about this.
Hey! The Bold Italic recently launched a podcast, This Is Your Life in Silicon Valley. Check out the full season or listen to the episode below featuring Eileen Rinaldi, CEO and founder of Ritual Coffee. More coming soon, so stay tuned!
