The Monday Morning Real Estate Update — Monday, December 7th, 2020
By: Mykel Ferrantino
Tags: San Francisco, Real Estate

The Monday Morning Real Estate Update — Monday, December 7th, 2020

Podcast Transcript of Never Too Late To The Game’s Monday Morning Real Estate Update, December 07, 2020.

COVID SIP ROUND #2

As San Francisco enters another lockdown, more small businesses, especially restaurants & bars, find themselves in the crosshairs of Covid-19. With the absence of financial support many small businesses will be collateral damage.

Shut-downs and stay-at-home orders are necessary but so is financial support. Washington has surely failed us all but especially small businesses and restaurants.

Prior to Covid-19, San Francisco was already in a bad place with respect to devastated small businesses, income inequality and homelessness.

Many people blame big tech for the current state of affairs (and they deserve a lot of blame) but it takes two to tango and tech’s partner was none other than the City of San Francisco itself.

San Francisco gave away the farm to Big Tech and in return received the highest rents in the country, an insane cost of living, a lack of affordable housing, filthy streets and homelessness.

Now San Francisco is feeling abandoned, the first wave of SIP techies to leave were those in the marginalized “subtenant” category of renters. Who can blame them? The Master Tenant / Sub Tenant schema is only works in strong economic times. So, without any legal constraints to hold them back, the subtenants gave notice and moved, leaving thousands of Master tenants with the whole rent to pay and a shortage of anyone looking for a roommate housing situation.

AT LEAST ONE TECH BRO FIGHTS BACK

The San Francisco Examiner published a funny article on December 3rd, the headline was: The Audacity of the tech industry is staggering.

The article is about how big tech has embraced remote work —which has caused many techies to high-tail it out of San Francisco, leaving in the rear view mirror insanely exorbitant rents, a growing homeless population, car break-ins, the inability to stop crime, a deficit of restaurants and abandoned storefronts.

The writer gets all bent out of shape about a Tweeter Tech Bro by the name of Beal, who apparently is accused of being smug about what Tech has done for San Francisco, which he sees as everything.

The author does get one thing right, that San Francisco’s tourism industry was $10 billion strong before Covid-19 and it has absolutely nothing to do with the Tech business.

The article ignores the fact that tourists and business travelers had become uncomfortable with the homeless and mentally ill roaming the streets of San Francisco. Many companies cancelled events and / or were in the process of moving conventions to other cities.

But did the city take action or even create a plan? NOPE.

THE PARTY IS OVER

Millennials and Gen Z tech workers knew the city wasn’t worth it in terms of rental and cost of living. So, yes they hightailed it out of here the first chance they got — and frankly, I don’t blame them. Renting in San Francisco is simply not worth it.

You can’t pay your rent with the view or eat the fog.

SAN FRANCISCO LISTING AND SALE NUMBERS

STAY POSITIVE & KEEP HOPE ALIVE

Together we will get through this time, together we will co-create a better world, a better community and a better economy that we all know in our heart’s is possible.

If you would like to hear my Podcast of this article, please visit Never Too Late To The Game’s Monday Morning Real Estate Update for December 07, 2020.

You can also find me on Spotify, Google, TuneIn, Stitcher and Apple Podcasts.

If you’re a buyer, seller or investor in the Bay Area and looking for an agent, you can contact me on Facebook or leave a message or text at 415–787–7350.

I have a great team with a lot of resources behind me at Keller Williams where I am a broker associate — and this means that you will also have a great team and resources behind you.

CA Broker’s License is #01884928.