City’s median one-bedroom rent hits $4,495, more than twice the national median
San Francisco Mayor Daniel Lurie declared a rent emergency Thursday, proposing reforms aimed at curbing evictions and preventing rent spikes. Zumper, a rental listings site, reports a median one-bedroom rent of $4,495 in San Francisco, compared with a $1,900 national median.
San Francisco has long been one of the most expensive housing and rental markets in the country, The Guardian reported. The Bay Area city is home to a large number of high-earning technology workers.
The Guardian attributed the rise in rental costs to a recent influx of wealth as artificial intelligence companies began to go public on the stock market. Demand has ratcheted up for limited housing options while San Francisco has lagged behind other cities in approving new housing.
Lurie’s proposed measures include caps on rent increases for rent-controlled apartments, $27 million in funding to cover lapses in federal housing vouchers set to expire and increased payments to tenants evicted under the Ellis Act.
The Ellis Act is legislation landlords can use when leaving the rental business.
“Today, most San Franciscans feel our city is finally moving in the right direction, but many are also asking whether they can still afford to live here,” Lurie said in a statement on Thursday.
“We have lived through booms before – this time, we have an opportunity to build a recovery that is broad-based and lasting, where San Franciscans can put down roots and participate in our city’s success.”