Also, the median value for an owner-occupied house in SF is 1.15MM. So half the people live in something less than that.
This contradicts your earlier statement. If the median owner-occupied house 1.15M, that means more than half of homeowners are living in houses worth $1M or more. Clearly that includes middle class people, since it's more than half of the people.
Also, note that it doesn't take much money to live in a $1M house if you bought it a while back.
Looks easy from the outside but rarely is
Please let SF die so I can buy some affordable real estate there. Thanks!
Seriously though. SF’s problem is that it is too crowded. If people left, then it would be less crowded, an equilibrium would be reached eventually (if you believe we aren’t at one already).
It includes _some_ middle class people. Fewer and fewer as property taxes raise and the value of their home rises. Sure, they'll have a bunch of cash once they sell it, but not everyone wants to move away from where they were born just because there's a bunch of overpaid tech bros now living next to you.
CA should have taken the 17B and invested it the lowest-cost-of-living regions in the US to build out communities + housing with full wrap-around services for different purposes (homelessness, mental-health, vets, etc) and focus on therapy/recovery.
It seems spending 17B in CA would just get you a hotdog and bicycle these days.
1 million dollars in San Francisco real estate is a one room (maybe two room if it's in extra bad shape) hovel.
And that's the real problem. San Francisco is not a place for the poor to try to raise their lives to middle class. It's a place for middle class to struggle to stay above water. The homeless in sf need to be given decent places to live in a place where land costs something normal. That place does not currently exist in or near San Francisco, but can be reached by an hour or two bus ride.