What sucks more is that a lot of the new buildings are only luxury buildings going for $2000+ a month per living space per person and most have homeowner's association trying to keep the ratio of owners to renter's high, so most units don't even hit the rental market. Couple this with the fact that the only program in the city focused on making housing affordable, the BMR program, only really makes things accessible for those with a household income between 70 and 90% of the median income, leaving every else out in the cold, and you basically have horrendous conditions for most people to be able to live here.
The way I see it, San Francisco's 1% are taken care of, as are San Francisco's 60th to 65th (I don't know the exact equivalent to the 70-90% of median income here), and everyone else is left to fight over what little housing is left.
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Is that enough additional housing to cover all the new residents? From 2010 to 2012, the population grew from 805,235 to 825,863: http://quickfacts.census.gov/qfd/states/06/06075.html
It seems like demand is outpacing the supply, driving prices up.
What sucks more is that a lot of the new buildings are only luxury buildings going for $2000+ a month per living space per person and most have homeowner's association trying to keep the ratio of owners to renter's high, so most units don't even hit the rental market. Couple this with the fact that the only program in the city focused on making housing affordable, the BMR program, only really makes things accessible for those with a household income between 70 and 90% of the median income, leaving every else out in the cold, and you basically have horrendous conditions for most people to be able to live here.
The way I see it, San Francisco's 1% are taken care of, as are San Francisco's 60th to 65th (I don't know the exact equivalent to the 70-90% of median income here), and everyone else is left to fight over what little housing is left.
Gentrification is a bitch. If you develop, it makes it worse, but if you don't develop, it makes it even worse.