We’ve all seen those luxurious new apartment complexes sprout up in the Mission and the rest of San Francisco. In fact, just down the street from our own office, construction workers toil daily over the “Vida” condominium complex — a structure, according to the building’s promotional website, whose “fresh, contemporary design and caring craftsmanship are inspired by modern Latin culture – literally weaving the urban fabric of the Mission into the building itself.”
While projects like Vida and others continue to flourish, San Francisco is slated to hit the 1 million mark in less than two decades. Can the city possibly keep up with its swelling supply-and-demand problem? Dan Shreiber of The San Francisco Examiner digs deeper.
Earlier speculation that housing costs would have reached a plateau by now has not come true — not even close.
U.S. Census Bureau figures put the median of The City’s rental rates — the midpoint on the spectrum of rental prices — at $1,463 per month. Almost 40 percent of San Francisco rental properties demand at least 35 percent of tenants’ total income. The Trulia real estate listings website shows the median cost of buying a home is $850,000, which is nearly $200,000 more than five years ago and more than double what it was in 2000.
Traditional economics might hold that the high price would eventually curb growth over the long term. Not so, according to an upcoming report by the Association of Bay Area Governments, which projects that The City’s 2010 population of 805,263 will grow 35 percent by 2040 — the fastest 30-year rate of increase in nearly a century. By 2032, 1 million residents will make San Francisco their home, the report predicts.
Last week, protestors marched down Mission Street in response to the amplified police presence around the 16th street BART plaza. Many also criticized the slick new Vara apartment complex at 15th and Mission and yelled at residents watching the protest from their balconies. Read more here.