Monday, March 3, 2014

Housing in San Francisco is really crazy right now

San Francisco has the second worst income inequality of any city in the US.  And it comprises only seven miles square, with the supply of land limited by water on three sides.  So real estate prices have been skyrocketing.  In the Pacific Heights neighborhood, the average household income is over a million dollars.  It's gotten so bad that the developers can now sell on a BYOW (bring-your-own-walls) basis.  A thousand square foot condo configured 0-bed/0-bath is probably three million dollars.  And I can only imagine what the penthouse must cost.  It was probably already bought and flipped by a renegade glazier.  On top of that, there's an elevator shaft but until enough tenants chip in, no elevator cars, so it's a walk-up!  Unbelievable.

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