Re:Tech Hubs Are Losing the Talent War to Everywhere Else
by JumpCrisscross on Saturday December 23, 2023 @01:52PM
(#38746894)
> an average of 450 days
To put this into perspective, this adds 5% to the cost of a project in financing alone [1]. That’s $70,000 for a median home [2], about half of the city median household income [3]. Half of a household’s production in an entire year, just in delays.
[1] https://home.treasury.gov/resource-center/data-chart-center/...
[2] https://www.redfin.com/city/17151/CA/San-Francisco/housing-m...
[3] https://www.census.gov/quickfacts/fact/table/sanfranciscocit...
"To build housing in San Francisco, developers must first receive planning approval, known as entitlement, to ensure the city supports the type, size and design of housing proposed for a site. This part of the process took an average of 450 days over the last 18 months, according to recent data from the state."
Housing in the SF bay area is broken, largely due to the efforts of entrenched interests (developers and people who bought 50 years ago for an inflation-adjusted tiny fraction of current prices).