Think of San Francisco…what comes to mind? The Golden Gate Bridge, Chinatown, Nob Hill, the Summer of Love, Haight-Ashbury…the list is long, because the city is so rich in history.
One thing that San Francisco has become known for in the last decade is technology companies. Silicon Valley has created some of the world’s most recognized hardware tech firms, like Cisco, Apple, Hewlett-Packard and more, who built in the area because they needed big production plants to create their products. But the city of San Francisco is also home to many start-ups, app makers and other technology companies that need staff, but not a lot of space since their product is software.
So, is this “technology boom” why San Francisco has a housing problem? It’s actually just a part of a larger problem. The tech industry, according to TechCrunch.com, is only eight percent of the city’s workforce.
There are many reasons for the San Francisco’s housing problem, a problem that is not restricted to the city itself. Many of those companies in Silicon Valley pay nice wages to their young staff who prefer to live in a hustling, bustling city like San Francisco than a suburban neighborhood in the likes of Dublin, Brentwood or Milpitas. This has prompted companies like Google, Yahoo and others to create luxury transportation to get their staff from the city to the Valley—which has caused quite a furor in the city.
But that’s not the only reason that those staffers are living in the city—Silicon Valley’s cities and towns have voted for more jobs, but not more housing. For instance, Mountain View has looked at building a new office development that would allow for over 42,000 workers, but the city’s zoning plan has only allocated for 7,000 new homes by 2030. The math seems to say that there’s a problem in the city planner’s office.
Other articles cite macro-economic reasons for the housing crunch, and the fact that the average wage in San Francisco keeps going up, driving the housing price up and therefore causing a housing problem for those who live on $70,000 or less.
So, how do you find the home you want where you want in the San Francisco Bay Area? You need a professional real estate agency with years of experience both the resale housing market and the new construction market. New Home Negotiators helps you every step of the way, before you even land in San Francisco or its surrounds. Browse properties and communities on our website, and call 800-529-4767 for more information and to schedule your personalized home tour.