Despite the fact that real property values are plummeting, rents are going through the roof in San Francisco. It seems like a paradox, but there are reasons for it.

The “free market” approaches the mayor Gavin Newsom has proposed and implemented aren’t working because all of the new construction is higher end. The Bay Guardian analyzes the existing policies for their inadequacies then proposes some radical approaches to affordable housing. I don’t have time to summarize them at this moment, but needless to say developers and conservatives aren’t going to like the proposals.

Thing is, I think progressives ought to consider similar proposals here, tailored to the local economy since in fact San Francisco’s economic base is pretty well shored up while ours is fading fast.

Images of the ugly Rincon Hill come from this real estate site.

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