How big tech is dividing San Francisco communities | FT
Вставка
- Опубліковано 28 сер 2024
- Technology giants are creating thousands of new millionaires as they list on the stock exchange through much-hyped IPOs. FT tech correspondent Hannah Murphy meets residents struggling to keep up as the city's wealth gap widens.
► Subscribe to FT.com here: bit.ly/2GakujT
► Listen to our podcasts: www.ft.com/pod...
Follow us on Twitter: / fincancialtimes
Check us out on Facebook: / financialtimes
Take our survey and tell us what you think of our UA-cam channel: bit.ly/33SJ8AI.
Financial Times, your all white video shows who is the real problem. It’s the white techies who have killed San Francisco.
These tech people are pushing out communities of color in Oakland. These tech people have killed a thriving city and have destroyed the proud black history that once dominated the Fillmore and West Oakland.
danpakoman you obviously know nothing about techies. They’re mostly Asian and Indian
Good channel👏👏🍻. Can't wait for the san Andreas to go off 💩😀💩😀✌
😂 somehow that is correct😂 and ALSO the most racist cops in SF CA are Asians 😉
Eventually your barista won’t be able to afford that garage he’s renting for 2K a month.
Lmao 🤦♂️
😂😂💀😈
They already can't and have moved out or will soon move out.
sam t. No barista working full time can afford $2,000 a month rent right now. I don’t know where they live.
@@taoist32 in the sewers 🤔
I've lived in SF for the past 20 years. All of my children and their friends had to move away when they reached adulthood. It's a different city. It's a city of the rich and the poor. I am the last middle-class man standing.
Bob BarkerIII : right there with you.
I have burning question. Why haven’t you guys moved? SF is nice but not go bankrupt nice. I’m sitting here wondering why stay?
@@ocmetals4675 I was lucky enough to move here in 1999 when a detached house was still affordable to middle-class people. So we bought a place then.
It's a great city, always has been. It's just a lot more expensive now.
@@bayview94124 I too stick to the city.. family, friends doctor/dentist, all very hard to leave...
@@albundy3929 Yes, Mark, we are dealing with it. Thank you for your input on this matter.
I love how she's taking about how the new money has given the neighborhood a makeover. The neighborhood she's talking about is inhabited exclusively by rich people.
Didn’t have to be that way. Both could have lived together.
@@albundy3929 rich while you screw everyone else is pretty bad.
@@albundy3929 That's not actually true, a lot of people with degrees working hard for these tech companies aren't making enough to pay their rent some even live 2 hours from the city and commute 2 or 3 days a week because they can't afford to stay in the city. Several people choose to work from home. You have to go to San Francisco and see it in person how people are making $100k+ and are sharing 2 bedrooms with 3 or 4 people because the rent is too high and it's not affordable. Anywhere else $100k is amazingly decent but in San Francisco it doesn't stretch too far on top of everything being extremely high around the area because retailers also have to pay their hiked rent. Almost 60% of the parks are filled with homeless people who actually have jobs but can't pay rent. It's really horrible. San Francisco barely has a nightlife because people can't afford it. I've had friends leave their high paying jobs and moved to NYC which is also expensive but more affordable with reliable transportation. NYC is highly gentrified but you get a balance when it comes to cheaper food, easy access to different neighborhoods etc. I'm seeing more and more San Francisco natives moving to my hometown in NYC.
@Sudhir Kakar that's indian culture, this is SF
SAN FRANCISCO is only inhabited by rich people
born and raised in sf, it's so sad to see the city go downhill like this
Same here. The sad part is that a lot of us born here will eventually leave
Same. N honestly I kinda hate my it here now..
Hillary Clintub stupid people lol they don’t make sense
@Null F going down hill meaning no one except millionaires can live a good life here anymore. neighborhoods get "improved" and yet people in those very areas are living on the streets. how is that improvement?
Blame the leftist yall put in office
who chose this royalty free trap music to talk about gentrification 😂
It was me.
@@jonathanjamesphoto___282 do better plz
Complaining about music choice seems like a first world problem to me
Carl du Preez cause it is
Mannnn I was like😐😐😐😂
Why did they start playing a hip hop beat when talking low income. Y’all need to chill
G C3
Yup shoulda played classical Bethoven and Bach homie. Deez foolz don’t be knowin what be up.
Wut wut yeet yeet. 😎 Ain’t no body be listening to no dam hip hop in da hood. Sheeeit.
J Smith 0/10
moon e
Bruh
J Smith If you think this is the "hood" then you should be very thankful. You've had a sheltered life. Btw, most of these rappers have more money than anyone in these comments, especially for a video like this.
Imonous
Nah bruh. I’m like the Woo Tang Clan son. Wut wut. 😎
How does the FT not include the basic facts about how San Francisco has the most DRACONIAN zoning laws in the nation, which has led to no new units being built in a growing market?
Same as Hong Kong. Its an artificial housing bubble.
That and the insane amount of NIMBYism in SF. The home owners go all NIMBY to justify that no new housing be constructed because "ooh that new building will cast a shadow on the park", using it to shield their true intentions i.e the value of their house going down if more housing is constructed. Talk about hypocrisy!
Joanne Woodward You need to wake up or visit a city thats actually non stop building. Like Toronto. SF construction is a joke compared to that. You’d be lucky to see construction in actual nice parts of town.
The only reason Seattle hasn’t gone full SF is because we’re aggressively building
@Joanne Woodward the facts show that even if you see some housing being built it's not anywhere close to enough. If they add only 1 new housing unit for every 6 new jobs they will continue to have big problems.
I saw hardly any children in that city when I was there. Families can't afford it.
It's under the rug...🏡
for sure
Hipster bike shop: rent was great in 2011 when we began our company (and all this gentrification).. Now all our cycling customers have had to move out!! And we're next?!
Crazy right, the hipsters are feeling the pains of gentrification now.
@@malcorub 😂😂😈💀
It is funny that the gentrifiers are now dealing with the next round of gentrification and there is no chair for them.
Mac B get finally something to get those obnoxious hipsters out of the city
It’s so hilarious when the people who cause gentrification are upset when gentrification attacks them. Not so fun being on the other side of the fence is it?
Imagine being born in a city and now you can't afford to live there. That's my reality.
@@jane90094 We all do , somehow..
I moved to a satellite city
and I come around every now and then
and Aus again
Go to Oakland
@@nopenope1186 Did that for a few years until I also couldn't afford to live there.
@@johnnyparker2128 should have bought. Prices were fair
@@nopenope1186 no worries, I bought a place on the outskirts of East Bay. Just hate crossing the GG bridge at $7 a trip.
The homeless problem is definitely not due to housing. When normal people can’t afford housing they move. This is a mental health and drugs problem.
$5 coffee why?
Well, rent, tax, labour, materials, energy and maintenance. All in San Francisco city. That's why.
"Genetrification is not helping business" Well aint that something.
Well like most things, "it depends." Obviously it can get so bad that low-income workers are displaced and homelessness increases, but it can also be good since it can bring in significant tax revenue for the government for city improvements, bring in talented professionals (doctors, lawyers, engineers, and teachers), and lower the crime rate. There are other factors like how fast gentrification is occurring, and to what degree. A lot families that used to live in Little Italy and Chinatown in Manhattan, New York City, NY moved elsewhere, making those parts of town more like tourist attractions, but they didn't move that far, and the "New Little Italy" in the Bronx, and "New Chinatown" in Flushing, Queens, NYC have preserved those cultures and are relatively thriving. Part of the blame relating to the cons of gentrification is due to poor city planning, but it's not like there's always a precedent to learn from, and it's easy to judge people in hindsight.
Give your entire paycheck to a landlord, you dont have much left.
It's not helping "their" business! Gentrification is good for business anywhere...Else the prices would go up!
I work in San Francisco, I blame the Cities of San Francisco and Oakland, for making it so difficult for housing developers to build new homes. It's a supply and demand issue, build more housing units!!
I was in SF for an interview 5+ years ago in Mission District. They put me up at a cool lil hotel just about 8 blocks from the site. I walked to the place and couldnt believe that such an incredibly beautiful city had me literally stepping over dozens+dozens of homeless folks - some of whom were plain mean and rude to me - I now know I dodged a HUGE bullet not getting that job, it only paid ~$60k/yr which was decent for me at that stage in my career - could you imagine making that there now?? I would be homeless too...sad turn of events for a world class city.
Those bike store owners talking about gentrification😂🤦🏾♂️....you see how it feels now...and like dude y’all were literally the start of the gentrification of that area😂
😂😄😄👏👏👏🍻yup exactly
Bad Company sure
Bad Company Nah. I’m actually not from Cali; never been actually😂
@Bad Company nice assumption, you're ignorance is showing btw
@Bad Company given your arrogance, you're clearly the stupid one and I can tell you don't know what gentrification is. Funny how you say Cali has the dumbewt people, when in reality the smartest people flock to go there and Silicon Valley runs the world and all advancements people use come from there... And this is coming from someone who hates Cali. It's that you're trailer trash and have to hide behind your keyboard.
So the super rich are now kicking out the gentrifyers? Lol. Karma
The big mounds of poopy are dividing the city as well.
😂
Dry them out, paint them gold, sell them to the tourists...💩
🤣🤣🤣🤣
@@waterotter3625 what tourists?
The homeless should poop in the rich areas to protest
Born and raised in SF and it’s basically the epitome of everything that’s wrong in society.
Yup it's called 30+ years of so called "progressive" leadership same issues here in LA and Trump is bad one...🤔🤦🏽♂️
Spencer Van Hauter move move move move 5 million people leave then the prices will drop
The success eventually consumes itself. Too much power for corporate and slow acting government in town planning: a perfect combination for short lived success!
Having lived in SF prior to the tech boom and still with family there, I have to say the tech people have created a gentrified city for themselves but have done little for any others. The difference is stark. You have a beautiful city turned into a giant yuppie district and usurping all that is good from SF. It’s like a parasite.
Totally agreeing with what you said. I lived in the Bay Area for 27 years from 1989-2016 and had watched how San Francisco changing from a city of culture, activism, and humanism to a city of money and greed brought on by the "tech invasion". I remembered watching all the new and expensive residential constructions popping up left and right (to replace the older buildings) and thought to myself "Wow, San Francisco is becoming like Manhattan...." I used to feel very fortunate and proud to live in San Francisco, for its beauty, diversity, and community living but that San Francisco is long gone.........
S. C. Sorry to hear that.
Bring back the Gentleman's Club! He said business was better when it was around.
😂
I bet when the gentleman club was there they were the ones BITCHIN about it 😂 now the classic u didn't know what u had til it was gone😂😄😄haha
@@johnbeer5242 my cousin worked for Yahoo.com in the 2000s. Tech execs & VIPs would expense $1000s then go to "lunch". 🤫... he said it was not uncommon for Google, Apple, IT guys to waste $2000, 5000 in a few hours.
Lol this is what happens when you destroy the middle class you’re pretty much just left with ultra mega super rich people that live in Palo Alto or Atherton and there’s only around a grand total of 70,000 of those people. They’re very good at disguising themselves as middle class too as they’ll live in 20 million dollar houses and drive 12 year old Honda Pilots and Toyota Priuses and 15 year old Accords/Camrys. Of course many do drive Tesla’s, Mercedes, Porsche etc. too but that’s normal for them.
So what's the solution?
Paul Den i think the solution was 20 years ago.
Paul Den None. The city and the Bay Area are dying a slow death. Push out the middle class entirely, and what you’re left with is a slave labor society working for the super rich. It will end up like Detroit.
saenzfiction I hate how people think that all rich drive Mercedes G Wagons or Range Rovers when it really isn’t the case as many wealthy people tend to be super frugal.
@@CameronsCarReviews the rich stay rich, as they spend like they're poor. The poor stay poor because they spend like they're rich
San Francisco's problems are deeper than big tech companies moving in. Housing is expensive because there wasnt enough to begin with and still isnt. It's the citizens and government responsibility to build more housing not the tech company to pay out more.
Let's be real. Tech destroyed San Francisco.
Hell no tech saved california. Our middle class has moved out by the thousands, without The $ coming from tech the last 25yrs; we'd be done for
Yes, it has destroyed San Francisco.
@@NAT-turners-Revenge No, Tech destroyed San Francisco.
@@jamesallen5591 Bad *POLICIES* destroyed SF 😐
@@NAT-turners-Revenge What policies destroyed San Francisco?
3:05 homeboy trying to act like he was born yesterday and not know what a Gentlemen’s Club is 😂😂
3000 dollars for 4 walls is, literally, taking money and throwing it to the garbage.
Coral Titan
If you don’t own the walls, it is a sad waste of money I agree. But don’t tell my tenants that please. 🤫
Th_iii _nk
That’s not a problem. That’s a good thing, but that doesn’t negate the fact that no equity is being built and you can’t use renting as a tax write off.
Th_iii _nk
Flexing what? I’m a retired Real Estate Developer in SF, own multiple single family homes (all paid off) with tenants paying me silly monthly rents.
I love them all 🥰❤️😍😘
I still live like I’m poor, and would never throw money away even if I were at the level of some billionaires. With that being said, those who “can afford” to pay silly rent prices and don’t buy are throwing money away.
👉🏼 That was my point. 👈🏼
I never said people don’t care or care. I hope people don’t care forever so my rentals keep raking in easy money.
not if you are making 15k per month :D
If everyone who is not a millionaire left sf this would not be a problem. Poverty would cease to exist in SF
@Roy Roots Better yet, if they truly value someone making their coffee for them, they will pay a rate for such a service that the market can bare and this whole thing reverses itself
Roy Roots: and start packing a lunch too.
It’s ashamed that the rich, real estate agencies, and the city would allow the city to become this expensive.
In NYC, you at least have a shot.
New York is done too, the Bronx and S.I. are being converted into wealth havens as we speak, Brooklyn and Queens have been expensive for years now, and you might as well forget Manhattan.
You mean by staying in Staten Island?
@@danielmankinde1706 Astoria in Queens is somewhat cheap, but yeah Staten is cheap.
@@willbo6416 As long as you have a roommate you're straight. There's affordable places in Queens. Just have to sacrifice being far, Staten Island is cheap, but yeah if you don't have an actual goal or hustle, you'll struggle and lose.
I personally hate that NYC is turning into a city that's filled with Gigs. The big cities are screwing themselves for sure by not making it affordable for the average Joe.
DeAndre Holland Not anymore. Rents are going up everywhere.
2 minutes in and no one has mentioned the urine and feces.
Where are you living at? Stop spreading the disinformation. The streets are getting cleaned every day.
Hi, Dennis where do you live? It’s everywhere in the center of SF. It’s fact!
I live here and don’t see any of that
Unless you're a homeless with a cellphone. I've never even seen crap on the street besides dog poop every once in a while
@@Skittles1987 You're either blind, not living in SF, or lying. Go stroll around the Tenderloin, SOMA, Hayes Valley or the Mission.
This is a reminder that a lot of big companies avoid paying taxes through tax havens.
The parks are homeless camps, it's nuts. Like an apocalyptic movie
I think your description isn't far from the truth. I visited SF in 2008 and walked into Golden Gate Park and there seemed to be homeless people everywhere there. It was unsettling.
No different in Seattle.
Its the new feudalism
ua-cam.com/video/n-2TEwdRnX0/v-deo.html
that was not a problem when i was a kid . homeless was there cause they been priced out of there homes
They're extremely naive as business owners to hope companies would encourage employees to spend their money in their shop. Move or close shop. Business 101.
@Sho Yu Weeni lol
Was there last year, simply an awful and disgusting city rotten by inequality.
DNC haven... other US city mayors, city council members should visit places like Portland OR, SF, Los Angeles CA, New York City, etc.
Abdellah Ibrahim move move move to Wyoming Texas arizonia
Tech companies not encouraging employees to spend money in the local economy. Yeah man, that is the point of tech. Buy stuff online and save money over brick and mortar and that includes bicycles. 💯
And like WeWork, when the national conscious realizes these IPO's are grossly overvalued, and all that IPO/Real Estate speculation comes crashing down? San Francisco should get really interesting at that point in time.
@Eric Wellman I think they already are!!!
im waiting for the downturn.... im hoarding cash bro... i want to buy a 2nd home
@@NAT-turners-Revenge Shhh, don't let the masses in on the secret to building wealth...
Thank god for robots because poor people won’t be able to afford to work. The rich will have to sweep their own streets and serve themselves in restaurants and that’s the truth the world is going crazy 😝
John O'brien
Robots are taking over slowly (self check out lanes, self driving cars, etc...)
Not sure what the peasants will do for income soon.
This has been coming a long time. My friend afforded college in the Bay Area in the ‘80s by renting a walk in closet. Another in the ‘90s rented a tiny single car garage despite working for PG&E. There were ambulatory schizophrenics on the streets of Palo Alto and working people in Silicon Valley who lived in their cars in their company parking lots as they could afford the rent but couldn’t afford the move in (3 times the rent). Now suddenly its OH LOOK.
why do all of these companies have to be within FIVE MILES OF EACH OTHER???
Why do companies all have to be close to engineering talent and investors???
San Francisco is only about 7.5 miles by 7.5 miles. Most of these companies are within blocks of each other. You can't go down 3 blocks without hitting another one. (Actually you can, but you get what I mean)
Took all the character out of the city. Looks like a rich hipster Phoenix az. All cookie cutter no character
San Francisco is far less cookie cutter than Phoenix. Phoenix has hardly anything older than 100 years old in that city. They've should've preserved all of that. Las Vegas is the absolute worst. They've been swinging the wrecking ball for the last 30 years with no respect for its history.
No where near as boring as phoenix
I know Phoenix couldn't hold a candle to sf. Sf is a real city. Around downtown feels like the land of the endless franchises. Gives it a slightly cookie cutter feel
Arturo Perez lol all of your points make no sense.
Phoenix absolutely destroys any potential and doesn't have the economy to have a real city
You know things are bad when the gentrifying hipster bike store is lamenting the loss of Market Street Cinema (which was mostly a brothel). Don't cry little hipster. Crazy Horse is still alive.
Wow! I didn't know elizabeth holmes now works for the financial times😂
Stop blaming tech.. it is the stupid zone laws and nimby.
they should have built it like manhattan to house more people but the earthquake though.
It’s shocking to see that so many low income workers are struggling in sf.I live in China, a lot of Chinese people are convinced by American tv series and movies that American is a paradise and they also can pursue their American dream there,but the truth is that there’re poor people in every country.American is not great again,US really have some heavily issues should deal with, such as wage inequality,race discrimination,gun control and drugs.
As a foreigner I couldn't agree more.
If I understand correctly, San Francisco literally can't expand because of geography. If I were a tech company, I would move.
And where would you find the workers for your company? Here in SF (I work here and live in east bay) we have attracted talent from around the world because of opportunities. Our area has its draw backs but they neglect to mention all the benefits we have here. BTW who said I need to take care of some bum who came here looking for a free handout from some podunk state.
Problem is the whole world wants to come to San Francisco which is limited. Let alone the fact that everyone that use to live in San Francisco is now gone due to gentrification. You have many other places to move your big successful companies. Thank you for reading this comment 😏💯
@@apolloobserved I would ask them to move, or pay for them to move. Expensive but worth it and the workers themselves would actually be able to afford to buy homes so there are many benefits. The drawbacks of SF are surely starting to outweigh the advantages.
I wish they would move!
He oversees sunset, they need to talk to whoever's responsible for the city city. Like where shes walking
sf is overcrowded. It has double the pipulation compare to oakland and oakland is actually a bigger city in term of land area sf 46 sq mile, oakland 77 sq mile.
It is. It's confining.
It's the 2nd most densely populated city in America behind NYC
While no one is talking about mortgages, a 15-year loan for a basic home in SF will cost you over $8,000 per month. $8,000 in after-tax income - who can afford to live there? Techies who marry each other and make over $300K per year gross (and even with that they're living paycheck to paycheck), or rich business who play in the hundreds of millions.
I remember seeing the 33 Tehama apartment complex in SF a few weeks ago. It looked like a nice place, akin to some brand-new apartments I've seen near colleges. Want to know how much a 1 bed, 1 bath, 500 sq ft apartment rents for? $4,800 PER MONTH for a 15 MONTH LEASE. Insane!
You nailed it. Even Googlers live paychque to paychque LMFAO 🤣🤣
In a statement Uber said: “Canned corporate speak”
No wonder nobody can afford to go to 49ers games.
Niners aren’t every in San Francisco anymore they moved to Santa Ana
@@AvengedSeven09 Santa Clara*
Anyone else find it interesting that some of the most “blue” areas (where local government rail on income inequality) has the worst examples of income inequality ?
Finally, many are seeing the light!!
@@OpiumBride True dat!!
Reason TV did an interesting piece about housing crisis in San Francisco. Too much regulation and a fear of changing the culture in the neighborhood. I would like to see building regulation get relaxed, but not in build quality of structures.
Don't paint everyone into the same category or divide the political spectrum into 2 colors. Views within blue still vary throughout. Neoliberals are in the DNC and are free market capitalists favoring more privatization and deregulation. The DNC can speak of income inequality but still cater to the rich. Progressive leftists like Bernie and AOC are looking for more socialized programs and want to regulate and tax corporations to ensure income inequality doesn't further increase.
yeah....that's why the rail against it. If there wasn't inequality you wouldn't complain....
All tech companies need to spread out across the country. Stop building more startups in the Bay Area! Or at least hire remote employees from different parts of the country or give the option to your current employees to move elsewhere and work remotely (I'm talking to you Uber, Lyft, Twitter, Salesforce and of course Google and Facebook). This way you can downsize your HQ in San Francisco/Bay Area and hopefully the housing market gets back to normal and people that don't work in tech can afford living in the Bay Area..
the gentrifiers complaining about gentrification has me dead lol
Uber ceo: created a successful business hiring thousands across the country to create a new model of transportation at a competitive cost against other transportation businesses
Uber driver: low skilled driver working for commission
WhY iS ThE PaY sO DiFfErEnT
Why in the hell do we keep letting big companies do this to our communities
We don’t need new homes. There are many empty Apt’s in my building . We need lower prices. The big banks invest in rental property and jack up the prices using cronyism and eroding renter protections via fake bond pass throughs and other means. Their entire focus is to raise rent.
The investment banking company that bought my building bought 80 buildings that year
Big buildings . They have no concern for what tenants go through. They installed a commercial property in the muddle of my building ( because withy could) with giant blower fans that have no off switch( so I listen to that all day and night)
And they put in a Silicon Valley bus line and got rid of our parking spots
And they hammered at our rents with many false means, charging us for the improvements to the property that don’t affect us or the common area against our wishes. We listen to constant hammering etc with construction employees that don’t speak to us and are owned by the company.
Safety is ignored .
Meanwhile the poor are tricked or moved out. It is a constant attack.
We need REGULATION!!! Stop big banks from owning rental property. Protect tenants
Take the culture, bring the business, loose the city.
Same in venice beach. Most of the millions in government homeless funding goes to the non profits who's leaders and aunts and neighbors make 400k in salary. Every city same thing. Go to Starbucks listen to others conversations, everyone has a non profit
Yes please tax them more! There are quite a few other cities who would love to see the companies relocate to them.
Do you honestly think that the folks who just paid 500k for a 2 bed house is willing to see that price drop?
it's not 500k, it's $2M...
@@nanox25x the point isn't the amount, it's about the fact that no one who paid anything for a property will want to see the value decrease: land owners will always want appreciation of value, not depreciation. They will vote accordingly.
@@nanox25x correct. Was going to say that too
And to think this is the city where Maya Angelou grew up and was the first AA cable car attendant.
I legit thought the narrator was Elizabeth Holmes.
Steven Murray Same, and somehow many don’t seem to see that.
It seems to me like people love to hate SF. I'm a teacher here. I get it, this city has some major issues.I have to question every day whether it makes sense for me to stay here longterm or not. But I can guarantee what isn't going to help our city: seeking blame instead of solutions. Seeking to argue instead of seeking to understand each other. I believe things can change for the better if people are willing to work together instead of rip each other apart. Just my two cents.
Well said. Pointing fingers and playing the blame game isn't going to get us anywhere. Solutions!
Long time resident here. What's your solution? People are willing to work together when they're not stressed. If people are stressed, then working together is just another task.
Millionaires don’t spend money, especially when they are aware of their insane rent. Retirement is what they are looking forward to.
Millionaires will just invest or buy houses as an investment property.
poor millionaires don't spend money. Ones with many millions, with more coming in yearly, they spend.
Why won't more people move out? There's plenty of great places to live! So they can say 'I live in SF'? If you're struggling simply move out and live a better life elsewhere. There should be a campaign telling how cool life can be outside SF.
It is horribly expensive. For all the tech wealth, SF has never been so poor. I was born and raised in the city, many decades ago! It was lower middle class, blue color workers, but it was clean and beautiful. Some folks blame a Liberal government. But they just criticize without saying EXactly how they could change this situation. No answers!
😭
Now wouldn't this be a completely different story if those tech companies had to pay their share of taxes, and that money was used to fund affordable housing / social programs?
It's interesting to come back to this after the fallout of the Coronavirus and seeing the city decimated by not only a global pandemic but its own hubris.
SF building codes also make it prohibitive to build new housing, which is partially why demand is outpacing supply.
If rent is high, Leave. If sales are down, Leave. If you don’t like the Neighbors, Leave. If you don’t make enough money, Leave.
It almost sounds like people should take control of their lives and either move to somewhere more affordable or take advantage of the the excessive money in San Francisco with a small business that caters to things the rich residents want.
ShiestyShamus you gonna give all these people money to start small businesses or move? You gonna help them secure jobs in other parts of the country and then move them? These are nice throwaway ideas but are only feasible if you already have money and resources and not everyone is able to pick up and leave everything 🤷🏻♀️
steph soppanish This is America. You don’t need money to make money. And there’s not some authoritarian government power that prevents people from moving when they want to move. If someone doesn’t like their current situation, there has literally never been an easier time/place in history to improve it than living in the United States right now.
what a joke it was sold to big business to turn into dorms for workers.
had a single room in an apartment for rent last december next door. i thought a college class was on a field trip, was about 30 college age kids.
It seems surreal, especially when you live 900 miles away and you can find a 750square foot apartment for 325$ a month with minimum wage at 12$ an hour.
Why can't people move out? I lived in SF for years and the day I couldn't afford it, I moved out the city. Simple as that!
Here we are a year later, and rents in SF are plummeting, down 16% year over year. (Covid, but I think those IPOs were lack luster too.)
Gentrification
With a sprinkle of human poop
If you can't afford to live in SF, maybe it's time to move. Don't complain. Control the things you can control.
Hopefully the Ch!na virus gets you
@@ecor150 God bless you! Stay safe ✌
Move then. If I can no longer afford the city I live in, I am not going to pitch a tent on the street. You have the whole rest of the US to find a better place to live.
LeeMG2011 why shouldn’t I be able to drive Mercedes with Honda’s money?
See but y’all will complain there’s too many Democrats moving to places like Texas or Arizona 🙄 just say you hate poor people and GO
Vivian Lee try being a Mexican. The racism hits different.
@@lamingtongirl123 as a Mexican I can tell you, your statement is false
Tracey La Rue congrats on ending racism.
This was a great story! She did a fantastic job! I think Hannah Murphy did an amazing job!
What’s it going to look like in 5 years?
The Mayor Brazil
Salaries simply do not match living expenses. We had a chance to live outside SF working in high tech, Mountainview area, from Canada. There was zero incentive to move to the USA/california besides sun. It is a cesspool unless you are super rich. $150K does not cut it.
not sure if the bike store was a good example to portray inequality/sf economy since bikes in general are being replaced by scooters
They should do a 2023 follow-up.
good doc!
Same with Seattle...between Amazon and Microsoft campuses in downtown. Forget about purchasing a home and rent in Seattle is so high for a tiny one bedroom. Yet tons of homeless in the streets. Bellevue is getting worse as well & more homeless is starting to show up.
I live here in seattle too but I'm planning to leave before biden takes office. I believe sadly it's only going to get worse before it gets better. The parks and sidewalks here are gross and dangerous. The homeless population is dangerous!!!! Most are addicts who can and will kill you in a blackout. It's pure insanity. And washington is supposed to go into a tighter shutdown soon....yeaaaa I'm leaving.
No one wants to buy a bike cos it will get stolen or you’ll get smashed by an Uber. I blame Nancy & Gavin.
Here in Vancouver, someone I know just rented a space in a living room for $950.00 CDN $723.00 USD He shares a 2 bedroom apt with 4 other people.
If you hand out housing to homeless people, the people who earn like $100k with hard work in SF will get left behind (as they still can't afford a $2m apartment).
Dmitry Karpenko how will they get “left behind”? Are you comparing a person sleeping on a sidewalk with a person who has a full time job and is making 6 figures??!
@@maverickbull1909 Because they will still not have a house in, let's say, 10 years. As the market changes, they can loose their jobs and end up at the same place as today's homeless people.
And more importantly - it's not fair to the hard-working people. You disrespect them - and they go away to other places when they're welcomed.
i make about 130k in SF and feeling the pinch. still can't afford to live in the city
@@albundy3929 what's the reason if my profits will be taxed away and handed out to hobos or so?
@@albundy3929
1. Earn something.
2. Give away it mandatory.
3. Make your conclusions.
wait a minute they only have $5 cup of coffee recently?
Do what the keys do in Florida. Bus in immigrants and pay them a dollar more for the effort. It's sad that's an American city.
That is what happens when you make real money from a fake product. First piece of software cost 200k to make and the next million copies are free and when the company gets brought you only split the money with ten people.
This is happening everywhere. I live in Raleigh NC I have been a here for most of my life now. I can no longer afford to live in the city I love. Gentrification has taken over middle class neighborhoods. What makes it so sad is that a lot of these neighborhoods were black owned neighborhoods with black owned businesses, not anymore people cannot afford the high cost of these homes, the high property taxes, or rent.
Really, I just found out that Raleigh is the silicon valley of the soft. I never knew about the black owned businesses that existed previously.
Here is the trick.
Come to SF and be homeless (or in an RV) for awhile.
Get placed into a low income SRO for homeless people & pay a maximum of $503/mo.
Go to City College of San Francisco for FREE. (California Promise Grant & Pell Grant)
Earn a programming (or other) degree.
Get a $100K/yr local job.
Be happy you're not paying $3500/mo rent like your colleagues.
Looks like a Palm tree NYC
Or San Fransisco could easy building permits and allow housing to be developed to increase housing supply.
Affordable housing supply that is. I’ve seen some development in SF, the problem is that it’s luxury condos for at least $5000k a month
@@adventurem8887 those are the only real estate levels financially able to navigate the mess.
FT, the solution is simple: BUILD MORE HOUSING
NuclearNow_SolarLater there is only so much room. Have you even been to SF
We can always build vertically. And let me guess," b-but muh shadows & muh view!" 😂
There is no more room!!
It should come as no surprise to anyone that San Francisco is one of the most expensive cities in the world or that costs there have been going up. That was obvious a quarter of a century ago when I first moved to the area. That everything changes, or that things aren't what they used to be is just a fact of life. That some people can afford to live in SF doesn't make them villains. That other people can't doesn't make them saints. SF has been one of the most desirable places to live in the world for decades. People from all over the world save their money for years just to visit SF for a few days once in a lifetime. If you've been living beyond your means, living in a premium location, but you can't afford to live in San Francisco any more, the responsible thing to do is to live within your means. Leave. You don't have to like it, but if you've been living in SF for decades, something I've never been able to afford to do, don't ask me to cry for you.
This bubble will burst soon..
2020. I hope it does, and we'll see how the world will be doing.
I don’t think it will as the fed continue to pump it and these huge tech companies are paying f all tax and taking over the world. Sad. I’d also question what they offer as the likes of twitter add nothing really useful to society when you analyse it. What an online platform where everyone spouts their opinion, complains, and trolls each other? Wow what a fantastic addition to the world 🙄 I went by the twitter office when I was in SF. It in a complete shithole with homeless junkies outside whereas inside it was full of hipsters with moustaches. Something wrong with that. Life really was a guy outside with a bleeding face being stepped over by people. That is fucked up and should not be something you see in the first world. Life is still cheap.
you know what is weird, is that young people straight out of college are being paid such astronomical salaries and are living in luxury homes. It used to be that young people were paid less, lived in bachelor pads and as they worked and gained experience, they earned more and moved up in the world. I was waiting in the lobby of a new luxury apartment building recently, a building with concierge, indoor swimming pool, full gym, video conference rooms etc etc.. and all of the residents coming in and out were under 30. What does that mean ? That 20 somethings will be making millions of dollars and companies will fire them when they are 40 ? So at 40 they become "old" and unemployable but they maybe have money? The rules of the world have changed.
lost it's soul.
@@albundy3929 Why would you celebrate the shithole it's become? It was beautiful before Tech came in and turned it into Manhattan.
Lost its soul is an understatement.