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Old 07-11-2013, 06:25 PM
 
10,920 posts, read 6,949,249 times
Reputation: 4942

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Quote:
Originally Posted by ruckerz View Post
I think the title is misleading.. I thought there was still rent control in SF?
Rent control only applies to the price of the apartment when you move in. Once you move in, the rent can only raise so much per year (~2%). However, upon moving out/breaking lease, the landlord is free to raise the rent to whatever rent they like (usually market rate). Rent control only protects people in their rentals currently and does nothing to help out newcomers or people who want to move to a new apartment.

It also only applies to buildings built before 1979. If you live in a new condo building, your rent can jump in any direction, sometimes hundreds of dollars a month between leases. This was the case in places like SOMA/South Beach a few years ago when things starting REALLY heating up. People were seeing their rents go from 1500 -> 2000 -> 2500 and up between leases (yearly or on month to month). I know a few people that moved out of their places near Caltrain when this started happening because their rents were going up 20-30 % in the span of a few months.

San Francisco Tenants Union
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Old 07-11-2013, 06:40 PM
 
11 posts, read 31,105 times
Reputation: 43
Quote:
Originally Posted by roadwarrior101 View Post
Don't bet on it. There may be small blips, but the general trend is up, up, up. SF has no room to build out, remains a desirable city, has a large economic base and a socialist city council that greatly restricts development and allows for rent control. Yep, this is the recipe for out of control rental (and home) prices.
To paraphrase my favorite physicist, "things which can't continue, won't". If prices rose a real 5% per year then in 10 years, today's $3k one bedroom would be $5k (in today's dollars). Better to look at it as a % of income and by that measure, rental prices are close to maxed out.
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Old 07-11-2013, 06:58 PM
 
Location: State of Transition
102,447 posts, read 108,880,609 times
Reputation: 116560
Quote:
Originally Posted by caligirl2009 View Post
I just read the following article.

What $3,000/Month Can Rent You Around San Francisco - Curbed Comparisons - Curbed SF

I am really shocked and disgusted that the average price to rent a one bedroom in SF is $2800. And that doesn't guarantee in-unit w/d, dishwasher, or parking in most cases. This is out of control. I've heard the rental market here is actually worse than NYC now. Bay area salaries don't justify these prices.

Why won't the city do anything about it? How long can this be sustained, how bad will it get, and when do you think it will bust? The next recession?
"Average price" includes the high-end apartments with full amenities including gym and doorman. Rents out in the family neighborhoods run at around half that. Do your research, check Craigslist.
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Old 07-11-2013, 07:26 PM
 
1,650 posts, read 3,528,935 times
Reputation: 1142
Sorry it took you so long to realize that SF is the disneyland for the rich trust fund babies. Hard working people with minimal financial literacy would not pay this kind of rent.
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Old 07-11-2013, 07:32 PM
 
Location: San Francisco
8,982 posts, read 10,502,801 times
Reputation: 5752
Quote:
Originally Posted by andyadhi01 View Post
Sorry it took you so long to realize that SF is the disneyland for the rich trust fund babies. Hard working people with minimal financial literacy would not pay this kind of rent.
So which are you?
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Old 07-11-2013, 07:41 PM
 
Location: San Francisco
8,982 posts, read 10,502,801 times
Reputation: 5752
Quote:
Originally Posted by Ruth4Truth View Post
"Average price" includes the high-end apartments with full amenities including gym and doorman. Rents out in the family neighborhoods run at around half that. Do your research, check Craigslist.
Oh?

I checked the CL listings for the Sunset (which is an example of what I assume you mean by "a family neighborhood"). Of 232 postings, there are a whopping 27 listings under $1500, of which 5 are studios, one is a scam, and 14 are "in-law" units.
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Old 07-11-2013, 07:43 PM
 
Location: East Bay, San Francisco Bay Area
23,834 posts, read 24,399,466 times
Reputation: 24235
I think that many established people, in the technology industry would. SF provides access to some high paying career opportunities, with some promising and established technology companies.

If these people had minimal financial literacy, how could they make enough $$$ to afford the rents in SF?

Quote:
Originally Posted by andyadhi01 View Post
Sorry it took you so long to realize that SF is the disneyland for the rich trust fund babies. Hard working people with minimal financial literacy would not pay this kind of rent.
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Old 07-11-2013, 07:49 PM
 
Location: State of Transition
102,447 posts, read 108,880,609 times
Reputation: 116560
Quote:
Originally Posted by pch1013 View Post
Oh?

I checked the CL listings for the Sunset (which is an example of what I assume you mean by "a family neighborhood"). Of 232 postings, there are a whopping 27 listings under $1500, of which 5 are studios, one is a scam, and 14 are "in-law" units.
What's wrong with in-law units? That's exactly what I was referring to. I checked Craigslist in the Sunset and Richmond just a few days ago, and had no trouble finding listings in that price-range.
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Old 07-11-2013, 08:40 PM
 
Location: the illegal immigrant state
767 posts, read 1,750,676 times
Reputation: 1057
Quote:
Originally Posted by caligirl2009 View Post
I just read the following article.

What $3,000/Month Can Rent You Around San Francisco - Curbed Comparisons - Curbed SF

I am really shocked and disgusted that the average price to rent a one bedroom in SF is $2800. And that doesn't guarantee in-unit w/d, dishwasher, or parking in most cases. This is out of control. I've heard the rental market here is actually worse than NYC now. Bay area salaries don't justify these prices.
No one's holding a gun to your head telling you to pay $3K rent to live in a closet, are they?

If so, file your grievance with the gunwo/man, I guess.

As for "why," I agree with others that the $3K renters are often some combination of (1) trust fund kids, (2) tech workers, (3) childless single people, (4) DINKS, (5) people who are enamored with SF, (6) people who like telling others "I live in SF," etc.

Quote:
Originally Posted by caligirl2009 View Post
Why won't the city do anything about it? How long can this be sustained, how bad will it get, and when do you think it will bust? The next recession?
What do you mean "why won't the city..?" What do you want them to do? Suppress rents? That would reduce their ability to generate property tax revenue, which the city is hungry for along with any and every other form of tax revenue so they can spend it on homelessness.inc, the bum's bill of rights, K-12 school lottery, and every other liberal public policy claptrap they would like to implement.

This is probably sustainable indefinitely for more reasons than one and even if there is a bust, the new normal after the bust will be higher than before the previous normal.

Quote:
Originally Posted by pch1013 View Post
Oh?

I checked the CL listings for the Sunset (which is an example of what I assume you mean by "a family neighborhood"). Of 232 postings, there are a whopping 27 listings under $1500, of which 5 are studios, one is a scam, and 14 are "in-law" units.
Quote:
Originally Posted by Ruth4Truth View Post
What's wrong with in-law units? That's exactly what I was referring to. I checked Craigslist in the Sunset and Richmond just a few days ago, and had no trouble finding listings in that price-range.
Those units are OK for those who work in the city but anyone who works on the peninsula or the Silicon Valley will want to live as close as possible to R101/I280/Caltrain.
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Old 07-11-2013, 09:27 PM
 
Location: San Antonio Texas
11,431 posts, read 19,068,109 times
Reputation: 5224
Quote:
Originally Posted by clongirl View Post
Not everyone can afford San Francisco. If you can't afford it, then leave. Nobody has a right to live exactly where they want...otherwise I'd be in London or Paris in a mansion overlooking a river. There's nothing "the City" can do about it. Landlords can charge whatever folks are willing to pay.

It will be like this until mass layoffs in the tech sector/gaming industries happen. This happened back in the very late 90's/2000's already- Tons of vacancies, falling rents.
Can't this country lock out foreigners from buying up the properties? As more countries' economies expand, we are bound to be in competition for shelter from foreigners who outprice us. I wish that Austin, Tex had imposed a "Californian tax" on all the droves of Californians who have taken over that city.
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