In San Francisco, Families Making $117,000 Qualify For Low-Income Housing

Shortly after officials revealed that San Francisco had become the first US city to mandate a $15 minimum wage in accordance with a law passed in 2014 - and just in the nick of time, too. Because home prices in San Francisco have risen so rapidly that Business Insider reported Saturday that applicants for affordable hoping qualify for affordable housing in the city must earn less than 117,400  a year qualify for low-income housing in San Francisco and a few neighboring counties, according to a new report from the Department of Housing and Urban Development. To help put this in context, that number is just shy of the city's median income of $118,400.

SF

Here's more from BI:

To qualify for low-income housing in San Francisco County or the nearby San Mateo and Marin counties, a four-person household can make as much as $117,400 a year. The same goes for a one-person household raking in $82,200 a year.

That's the conclusion of a new report from the Department of Housing and Urban Development, which just released the 2018 thresholds for affordable housing across the US...the San Francisco metro area's threshold is just below the area's median family income of $118,400.

Housing costs in San Francisco have been increasing at a ludicrous rate: According to the S&P/Case-Shiller Home price index, which covers not just the city and county, but also includes four other Bay Area counties: Alameda, Contra Costa, Marin, and San Mateo, prices in the region increased by a YOY 10% as of April. However, others argue that the increase in home prices has been even more extreme For example, Paragon Real Estate Group reported in April that prices in San Francisco had skyrocketed by an astounding 24% YOY, more than double the Case-Shiller estimate. This staggering jump has left the median home price in the city at an astonishing $1.6 million.

Of course, the new figures from the city's Department of Housing are hardly surprising: As BI reports, over the past several years, the Bay Area has been grappling with an affordable-housing crisis that has been exacerbated by the tech boom and a concomittant shortage of housing stock. Several Bay Area tech giants (like Alphabet, for example) situated their headquarters in areas without much nearby housing.

And as we pointed out back in April, this is what a housing boom looks like...

Boom

...which in turn pushed the median home sales price above $1.6 million...

SF

...which is well above the national average.

Boom

Even the city's "poor" neighborhoods have seen a huge boost in prices on a neighborhood-by-neighborhood basis. In the table below, the median house prices range from $960,000 in Bayview, one of the more troubled neighborhoods, to over $5 million in Pacific Heights, one of the city's wealthiest neighborhoods.

Pacific

Unfortunately for the city's beleaguered residents, SF's "robust" affordable housing lottery isn't nearly enough to serve anywhere close to the numbers who could use the help. With this in mind, some Bay Area cities are considering alternatives, like a sizable "head tax" on employers. In Cupertino and Mountain View, the city councils have proposed a $150-a-year per-employee "head tax" that would replenish a fund dedicated to building more affordable housing.

SF is also considering a head tax. And while tech companies (like Amazon in Seattle) have threatened to move or abandon planned expansions over similar measures, at this rate, the city's residents would also benefit from this outcome: Because pushing out the tech talent that have been probably the largest contributors to the housing-price boom, the city might slowly but surely send prices lower... along with tax revenues and all local economic growth.

Comments

Billy the Poet TeamDepends Sat, 06/30/2018 - 22:35 Permalink

How dirty is San Francisco? An NBC Bay Area Investigation reveals a dangerous mix of drug needles, garbage, and feces throughout downtown San Francisco.

The investigation also found 100 drug needles and more than 300 piles of feces throughout downtown.

“We see poop, we see pee, we see needles, and we see trash,” said teacher Adelita Orellana. “Sometimes they ask what is it, and that’s a conversation that’s a little difficult to have with a 2-year old, but we just let them know that those things are full of germs, that they are dangerous, and they should never be touched.”

“The floor is dirty,” said A’Nylah Reed, a 3-year-old student at the preschool, who irately explained having to navigate dirty conditions on her walks to school.

“There is poop in there,” she exclaimed. “That makes me angry.”

https://www.nbcbayarea.com/investigations/Diseased-Streets-472430013.ht…

In reply to by TeamDepends

TheRideNeverEnds ZD1 Sun, 07/01/2018 - 01:47 Permalink

Maybe so but home prices will still be at least quadruple what they are right now a decade. 

 

People laughed a couple years years ago when I told them the shack listed in an article at 1.2m will be over 2 in a few years.  Saw a comparable shack listed in a similar article over 2mil just the other day. 

The only takeaway from this site is it’s fear porn and click bait.  Do the opposite of any sentiment here and you will almost always win.    

In reply to by ZD1

Skateboarder TheRideNeverEnds Sun, 07/01/2018 - 03:27 Permalink

Crushing poverty and daily additions to the homeless - formation of slums. I certainly see that coming true in the Bay Area.

Welcome to Bombay!

I live at the neighborhood edge of the Whites/Indians/Asians hood, the Asia/Vietnam hood, and the Mexico hood. The nearby Target got gentrified pretty good.

Yesterday at the park close to my house, I notice that the local homeless, the number of which has been rising, have claimed one of the corners of the park to be their home, tarp tents up and everything. Just a half hour ago, I strolled by with a basketball to shoot hoops and saw the local Asian crew playing 4 on 4 half-court, with homeless watching the show now.

That's what happens to nice neighborhoods close to prominent intersections - once the local homeless population builds density, the will start to cluster around your hood.

And they're building density in South San Jose alright - I just saw a respectable looking lady wheeling a carry-on today. She's probably in the infancy of homelessness. It's amazing - I've seen people who look like it's their first night out on the streets, and I see them again a couple months later and they are haggard as fvck. It is hard to maintain good hygiene when you are out on the streets. :-(

In reply to by TheRideNeverEnds

Last of the Mi… Justin Case Sun, 07/01/2018 - 08:16 Permalink

You can never run out of OPM if you have a government linked Federal Reserve that prints it for free forever devaluing the dollars in each and everyone's pocket 24/7 for the sake of the globalist/liberal agenda. This is the essence of what the 8 years of Obama were all about. 

Print to devalue, devalue for massive income gap between the wealthy and everyone else, use the gap to fund globalist agenda and destroy the constitution through entitlement programs,  . . . you now own the country.

In reply to by Justin Case

FlaRPh Skateboarder Sun, 07/01/2018 - 06:58 Permalink

Ah, but you see 70 years ago these people (75% of which have mental issues) would've been placed in a Sanitarium where they would have 3 hots and a cot, medical care, etc. But progressives aka communists think it much more humane to do away with the "cuckoo's nest." Much more humane to give them a shopping cart for a home and let them starve on the street. Meanwhile, it's illegal IF YOU DON'T pick up your dog's steaming hot turd with a blue plastic bag, but no such law if you're a bum and take a dump on the sidewalk. Go figure.   

In reply to by Skateboarder

E. Grogan Justin Case Sun, 07/01/2018 - 11:10 Permalink

It can happen to anyone at any time these days. Immigrants on H1B visas are taking jobs, especially in tech, left and right. All that needs to happen to be homeless is to be laid off because they have immgrants to work cheaper at your job. I live in CA and know what it's like here. LOTS of people with college degrees who had jobs but can't find one now. 

No one chooses poverty. It can happen to you as well.

In reply to by Justin Case

snblitz rosiescenario Sun, 07/01/2018 - 15:30 Permalink

I have worked as a consultant for various companies in Silicon Valley including fortune 100 and fortune 500.

Many of them, at least their silicon valley divisions, have turned into "Indian Ghettos".

I was introduced to this term by an Indian H1B manager at a fortune 100 company.

In this particular company, there was a picture of all the people of division sitting on the lunch counter.   Looked to me to be about 2 whites among 150 or so people.

In reply to by rosiescenario

nmewn NoDebt Sat, 06/30/2018 - 22:44 Permalink

See, now we are expected to argue macro-economics on Keynesian socio-economic terms of ever rising incomes & prices that have NOT happened and yet...NOT...confirm the absolute failure of Keynesian socio-economics in doing so in the whole.

You see, it's a lot like saying the emperor has no clothes, you are NOT allowed to do that ;-)

In reply to by NoDebt

Meat Hammer char_aznable Sun, 07/01/2018 - 11:59 Permalink

At least the Left has to smell it’s own shit everyday.

True Story about what a miserable place San Francisco is... As my wife and I were returning from an SF Giants game, we found ourselves in heavy traffic a few blocks from the stadium. 

As I approached an intersection, I realized I had a stale green light, but I looked at the pace of traffic across the intersection in front of us and calculated that I could make it before the light turned red. As soon as I made the decision to go, traffic came to a sudden, yet brief, stop. We found ourselves blocking two lanes of the green light traffic to the right of my wife’s passenger door for about 10 seconds. 

10 seconds.

As soon as the oncoming traffic had the green light, the two lanes that we were now blocking zoomed forward stopping literally inches from my wife’s door, horns blaring, high beams flashing, silhouetted human forms in the front seats, shouting and throwing their hands in the air at the audacity of another human to dare impede their forward progress. Miserable, angry souls who live miserable, fast-paced, angry lives. My wife just sat there and shook her head at them mockingly, as if to say, “I feel sorry for you”. 

I’ll watch Giants games on tv or go see them on the road from now on.

10 seconds.

In reply to by char_aznable

snblitz Meat Hammer Sun, 07/01/2018 - 15:57 Permalink

One of the cool things about the left is that they hate each other almost as much as they hate everyone else.

I have lived near SF for 40 years.  Aggressive pan handling has been present since the day I first visited SF long ago.

On a recent trip I was approached by a man raising money for a local church.  When I choose not to contribute he started yelling profanities and threatening me.

Did you know that real live zombies wander the streets of SF at night?

I did some consulting for the DPW (SF Department of Public Works ) in which I toured, with a police escort, various crime scenes from midnight to 3am.  We were in an unmarked city car.

In a couple of places where we stopped, a dozen or so "people" came out of the darkness slowly dragging themselves towards us.  They were clearly on drugs and would just mindlessly stumble towards us.  One of the cops with us was a giant and he could stare them down such that they would head off in another direction.

I later learned that the hordes, when there are enough of them, will rob of you and sometimes beat you.

In another area, there were no zombies but after about 5 minutes, the giant cop suggested we had better go as the area was not safe.  I found it odd that being entirely alone was more dangerous than facing the zombie hordes.   I could hear yelling and the occasional scream far off in the distance.  I also wondered how I could not be safe with the giant cop with me.

 

In reply to by Meat Hammer

Killdo Meat Hammer Sun, 07/01/2018 - 16:24 Permalink

I remember once walking up Pacific Heights - towards the top. An old retired couple walking with their 2 grand kids. I was walking behind them and could hear their conversation. 

The grandmother who looked like Feinstein's uglier sister, pointed to an ugly huge house (looked like Sadam Husein's Palace). She commented how 'beautiful' it was. Then a 6 or so years old kid said : "If I sell my dog, maybe we could afford to buy this house?"

The grandmother replied : No! When we INVADE - I mean invent that flying car - we'll be able to afford it. 

The Freudian slip - the first thought that came to her mind was to invade someone (Libya-style). And the poor kid - I could not tell who was more fucked up the granny or a kid who offered to sell her puppy to afford an ugly house. 

What a fucked up SF family - and they were obviously wealthy if they lived there

In reply to by Meat Hammer