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Adjusted for US-wide inflation, rent in SF is down 30% (not a typo) since the end of 2019. They're down because there's more supply and less demand, so landlord
by apsec112 3y ago
Adjusted for US-wide inflation, rent in SF is down 30% (not a typo) since the end of 2019. They're down because there's more supply and less demand, so landlords can't fill vacancies.
- jefftk 3y ago[EDIT: I misunderstood; see below] That doesn't sound right: US-wide inflation since 2019 is less than 30% (more like 19%), in which case I don't see how to square your claim with the article's headline.
- apsec112 3y agoIt's down 16% in nominal terms. From the article: "The city’s typical rent in November 2023 was 16.4% lower than the $2,620 in November 2019."
- jefftk 3y agoThanks! I misunderstood the headline, and thought it was saying that despite covid rents are still higher than the pre-2020 baseline, when actually it's saying that rents are still lower (in nominal terms, and so strongly so in real terms) than the pre-2020 baseline.
- toomuchtodo 3y agoThoughts on how the vacant property tax will impact asking rents? My understanding is that it becomes effective Jan 1, 2024. Feels like it might encourage landlords to rent units at a rent they will begrudgingly accept to avoid the tax vs holding out for top dollar, but perhaps too early to tell. https://sftreasurer.org/business/taxes-fees/empty-homes-tax-eht https://sftreasurer.org/business/taxes-fees/empty-homes-tax-...
- landedgentry 3y agoTax rate seems too low to make any difference.