Amid rising rents and evictions, San Francisco Mayor Daniel Lurie declared a rent emergency Thursday, proposing several tenant protection measures. But many say there is more work to do.<\/p>\n
Median rent in the city is up more than 25% compared to last year and the city is on pace for the highest number of annual evictions in a decade.<\/p>\n
San Francisco is making a comeback with the tech and AI boom fueling much of the resurgence. While many see it as a big plus for the economy, it might just be pricing out some San Franciscans from the city.<\/p>\n
“My partner and I are looking for a two bedroom right now and it’s basically impossible,” said Aditya Bhumbla, who was raised in the East Bay, and now lives in a rent-controlled one bedroom in San Francisco. <\/p>\n
Bhumbla is working on Proposition I to make sure tax dollars intended for affordable housing from a measure in 2020, goes directly to the cause. <\/p>\n
While Bhumbla applauds the mayor for declaring the rent emergency, they feel it’s not enough to solve the crisis.<\/p>\n
“The reality is, I think a lot of people know this,” Bhumbla said. “This is just a drop in the bucket compared to what tenants are facing throughout the city.”<\/p>\n
Lurie announced several measures including a 10% cap on rent increases, to pouring roughly $55 million into a legal fund for tenants fighting to keep their homes.<\/p>\n
“For thousands upon thousands of San Franciscans, the most immediate pressure right now is rent,” Lurie said. “And that pressure is rising rapidly.”<\/p>\n
Lurie also vowed to build more affordable housing but has voiced his opposition to Prop I, saying it will take away funds from first responders. <\/p>\n
Real estate adviser Shalini Sadda said the rental market has completely shifted since the pandemic.<\/p>\n
“Sometimes people who come to me saying they want to rent, sometimes they change their minds and they pivot to buying,” Sadda said. “They realize rents are crazy and they run the numbers. If they’re in it for the long haul, buying makes more sense in some cases.”<\/p>\n
For many, the money just isn’t there to buy into the rising real estate market. For Bhumbla, they’re just going to hold onto what they have.<\/p>\n
“For now, we’re going to try to make it work in my one bedroom,” Bhumbla said. “Maybe if an AI bust happens, we’ll check again.”<\/p>\n
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