San Francisco Rents Explode!!Paul Hogarthbyline‚ Oct. 15‚ 2007The San Francisco Chronicle on October 11th had a front-page story about the decline of real estate prices, but failed to mention the dramatic rise in rents. In the short span of a few months, finding an apartment in San Francisco has gone from a challenge to a nightmare – with landlords demanding rents that are beyond laughable. We all know it’s expensive to live here, but $1445 for a studio in the Mission? $2500 for a one-bedroom in Cole Valley? $3685 for a two-bedroom in Noe Valley? We all know that the mortgage crisis caused families to foreclose, and that no renter wants to buy a house right now. But you can’t just explain the recent spike in rents to “supply-and-demand.” And while Gavin Newsom lauds the “booming” local economy that have filled the City’s coffers, bear in mind that this means a higher class of renters who might afford the insane rents. But it leaves the rest of us behind … |