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As the coronavirus pandemic wears on, residents seem to be fleeing the biggest cities in the US.
There’s currently double the normal amount of housing inventory — or homes on the market — in San Francisco. At the same time, mounting vacancies have sent the median apartment rent plummeting by more than 30% — the largest pandemic-fueled rent decrease anywhere in the country this year.
But that median rent hasn’t fallen far enough. San Francisco is still notoriously expensive. Even now, the median rent for a studio in San Francisco comes to $2,285, while the median rent for a studio on the national level is $1,347, per a Realtor.com analysis in September.
Simply put, San Francisco is still an extreme example of the affordable housing crisis sweeping the country.
And London Breed, its mayor, knows where to place blame.
“San Francisco has become more popular as more people were working here,” Breed said on the Freakonomics podcast this week. The tech giants like Google and Facebook that revitalized the area were also key drivers behind the city’s climbing cost of living and widening wealth gap.
This growth “pushed out a lot of natives,” the mayor said. “I think …read more
Source:: Businessinsider – Politics