The Biden administration announced new steps Friday to ensure access to affordable housing, launching a slew of resources to convert high-vacancy commercial buildings to residential use.
As of the last time a city government report was made on this just two years ago, over 61,000 homes were vacant in San Francisco. In answer to anyone who would write that off to pandemic effects, the number a few years before was around 40,000 homes sitting uninhabited. In San Francisco. Just sitting around being some well-off person or corporation’s investment, empty.
From some data I could find, the average one bedroom rent in January 2020 was $3050. From the same source, it’s currently around $2900. That 2020 number adjusted for inflation is $3600. So, rents seem to have both nominally and truly fallen.
I’d assume it’s largely due to lower demand because of remote work, since SF surely hasn’t been building anything. Thanks for the good example that increased vacancy does indeed lead to lower rents.
As of the last time a city government report was made on this just two years ago, over 61,000 homes were vacant in San Francisco. In answer to anyone who would write that off to pandemic effects, the number a few years before was around 40,000 homes sitting uninhabited. In San Francisco. Just sitting around being some well-off person or corporation’s investment, empty.
From some data I could find, the average one bedroom rent in January 2020 was $3050. From the same source, it’s currently around $2900. That 2020 number adjusted for inflation is $3600. So, rents seem to have both nominally and truly fallen.
I’d assume it’s largely due to lower demand because of remote work, since SF surely hasn’t been building anything. Thanks for the good example that increased vacancy does indeed lead to lower rents.