Is the control rent rule applied in SF preventing Also play in that case?
I don't understand your question, but what I do understand seems interesting enough that I want to understand it.
Average Rent in San Francisco Has Dropped $1k This Year
31–40 of 562 posts
Re: Average Rent in San Francisco Has Dropped $1k This Year
#32Earlier quoted context omitted.
Do they ignore it, or are they using it for their own gain? For people who actually own property in San Fransisco, consider how enriched they have become by the obscenely rising rent/real estate prices. This comes along with them getting to keep their neighborhoods static instead of having to have a gigantic shadow erected across the street. Sure there are downsides, but you can always just sell and get our with a pr…
i imagine the people fighting hardest are the people who bought in /after/ the rents went up to absurd prices, and thus didn't profit hugely but will take a hit if the prices fall. (see taxi medallion investors in NYC)
In my experience (which is admitttedly mostly anecdotal, but comes from having attended a number of public forums/planning meetings etc.) another huge group of people fighting hard against new development are the ultra-left wing of SF local politics. These people aren't against new housing per se, they are just rabidly anti-developer. They spend so much time delaying projects by trying to get developers to increase the amount of below-market rate housing in their new developments that the developer eventually just gives up because the whole process takes so long and the potential profits dwindle down to nothing.
Re: Average Rent in San Francisco Has Dropped $1k This Year
#33> the weighted average asking rent for an apartment in the city, which currently measures around 2.3 bedrooms when counting a studio as having one, has dropped to $3,100 a month. Still too high. Was checking into apartment prices earlier in the year and it is amazing the number of landlords that will try and sell you on a “kitchen” that is a mini-fridge, tiny sink, microwave and a hot plate whilst still charging you…
>will try and sell you on a “kitchen” that is a mini-fridge, tiny sink, microwave and a hot plate whilst still charging you full rent.
To be fair, that is a Kitchen to a great number of people on this planet.
I shared a mini fridge, tiny sink, and a hot plate with 2 other roommates when I lived in Paris for a few months and the rent was not cheap their either.
Was about 2,000 Euros/mo 15 years ago iirc.
Re: Average Rent in San Francisco Has Dropped $1k This Year
#34I have somewhat inside info about a drop in rent for commercial real estate in a high end shopping street in NL ( The Netherlands ). This is unheard of, real estate owners rather keep a shop vacant than drop the rent. I think we have seen nothing yet in commercial real estate, obviously not limited to SF or NL.
Commercial real estate rents work differently, at least in America, because of how they’re financed. Unlike residential housing, commercial buildings are continuously refinanced. When the owner of a commercial building gets a new mortgage on their building, the potential for rent is weighed more by the banks than the current rent. The way the math works out, it’s much better for a commercial land lord to leave a unit empty for a surprising amount of time rather than reduce rent, because the impact on financing costs is typically larger than lost rent.
Re: Average Rent in San Francisco Has Dropped $1k This Year
#35Good thing I signed right before the rent drop and can't break my lease
If you’re in CA, you can probably break the lease if you really want to. You might be able to negotiate a rent reduction at least to save you both some hassle.
https://www.nolo.com/legal-encyclopedia/tenants-right-break-...
Re: Average Rent in San Francisco Has Dropped $1k This Year
#36> the weighted average asking rent for an apartment in the city, which currently measures around 2.3 bedrooms when counting a studio as having one, has dropped to $3,100 a month. Still too high. Was checking into apartment prices earlier in the year and it is amazing the number of landlords that will try and sell you on a “kitchen” that is a mini-fridge, tiny sink, microwave and a hot plate whilst still charging you…
Stop it. Do you live in San Francisco? I don’t mean the Bay Area. Do you actually live in San Francisco? Why did Vancouver, Seattle, and Portland see very similar percentage based increases at the same time? Why has the entire Bay Area? Foreign investment. As soon as Vancouver passed legislation to curb foreign investment their real estate moved back to normal. 1 in 4 housing purchases in California are all cash. Tha…
Yes cash, but not necessarily foreign. I recently went through the process of placing bids on 2 houses in SF and both had cash offers higher and both cash offers came from local residents already living in SF.
Re: Average Rent in San Francisco Has Dropped $1k This Year
#37I have somewhat inside info about a drop in rent for commercial real estate in a high end shopping street in NL ( The Netherlands ). This is unheard of, real estate owners rather keep a shop vacant than drop the rent. I think we have seen nothing yet in commercial real estate, obviously not limited to SF or NL.
NL as in the Netherlands?
No they're referring to one of the haute shopping districts in Newfoundland/Labrador.
Re: Average Rent in San Francisco Has Dropped $1k This Year
#38> the weighted average asking rent for an apartment in the city, which currently measures around 2.3 bedrooms when counting a studio as having one, has dropped to $3,100 a month. Still too high. Was checking into apartment prices earlier in the year and it is amazing the number of landlords that will try and sell you on a “kitchen” that is a mini-fridge, tiny sink, microwave and a hot plate whilst still charging you…
Stop it. Do you live in San Francisco? I don’t mean the Bay Area. Do you actually live in San Francisco? Why did Vancouver, Seattle, and Portland see very similar percentage based increases at the same time? Why has the entire Bay Area? Foreign investment. As soon as Vancouver passed legislation to curb foreign investment their real estate moved back to normal. 1 in 4 housing purchases in California are all cash. Tha…
You are just restating the issue but shifting the blame. The is still the lack of supply to meet demand, and blaming all that demand on foreign investment doesn't fundamentally change the issue.
Re: Average Rent in San Francisco Has Dropped $1k This Year
#39Earlier quoted context omitted.
Stop it. Do you live in San Francisco? I don’t mean the Bay Area. Do you actually live in San Francisco? Why did Vancouver, Seattle, and Portland see very similar percentage based increases at the same time? Why has the entire Bay Area? Foreign investment. As soon as Vancouver passed legislation to curb foreign investment their real estate moved back to normal. 1 in 4 housing purchases in California are all cash. Tha…
What? Vancouver’s prices are still rising. Foreign investment is demand. A rise in demand is much more impactful if supply is static.
> Foreign investment is demand.
demand for investing in the limited supply of apartments based on their profitability is not the same thing as demand for the actual product of housing, which is what supply and demand in the housing market is supposed to be about - you're basically proving the point that incentives here are perverse
Re: Average Rent in San Francisco Has Dropped $1k This Year
#40If the city would rezone all of the single family homes into higher density buildings, this wouldn't be a problem. Flood the area with supply and the cost will go down to reasonable levels.
This is a problem all across the nation. Everyone wants a single family home, so this leads to two things: outrageously high costs of homes, or people moving out to the suburbs and thus worsening the rush hour traffic and smog issue.