The North Beach neighborhood in San Francisco, where rents are soaring as the AI boom brings a new wave of wealth to the city. Photograph: Heather Diehl/Getty ImagesView image in fullscreenThe North Beach neighborhood in San Francisco, where rents are soaring as the AI boom brings a new wave of wealth to the city. Photograph: Heather Diehl/Getty ImagesSan Francisco mayor declares rent emergency as housing costs soarMedian rent for one-bedroom apartment in city tops $4,495 with a national median of $1,900
San Francisco’s mayor, Daniel Lurie, declared a rent emergency on Thursday, proposing reforms aimed at curbing evictions and preventing rent spikes as the city grapples with soaring apartment prices.
The Bay Area city, home to a large number of high-earning tech workers, has long been one of the most expensive housing and rental markets in the country.
The median rent for a one-bedroom apartment in San Francisco is currently $4,495, according to Zumper, a rental listings site. In comparison, the national median for a one-bedroom apartment is $1,900.
The ballooning rental costs have been attributed to a recent influx of wealth in the market, as artificial intelligence companies began to go public on the stock market. While demand has ratcheted up for limited housing options, San Francisco has notoriously lagged behind other cities in approving new housing.
Among Lurie’s proposed measures are caps to rent increases for rent-controlled apartments, $27m in funding to cover funding lapses from federal housing vouchers set to expire and an increase in payments to tenants who are evicted under the Ellis Act, legislation landlords can evoke when leaving the rental business.
“Today, most San Franciscans feel our city is finally moving in the right direction, but many are also asking whether they can still afford to live here,” Lurie said in a statement on Thursday.
“We have lived through booms before – this time, we have an opportunity to build a recovery that is broad-based and lasting, where San Franciscans can put down roots and participate in our city’s success.”
