Coronavirus pandemic keeping San Francisco apartments empty, rents low
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A pedestrian looks at a “For Rent” sign in a window on Hayes Street in San Francisco in October rents are still low while apartments are still vacant, fallout from the coronavirus pandemic.Nick Otto / Special to The Chronicle 2020
San Francisco’s rental housing market is starting the new year much as it ended the old one: Rents are dropping, vacancies are climbing, and landlords and tenants alike are muddling through the pandemic’s 10th month without knowing when or whether life and work will return to normal.
An Apartment List report released Tuesday shows that rents in San Francisco, the country’s most expensive market, dipped 2.7% in December and have dropped 26.7% since March, pushing the median two-bedroom monthly rent from over $3,000 to to $2,305. A report from another group, Zumper, had rents down 24% year over year.
Eric Smith will finally have a place to call home after years of sleeping in his car and on his aunt’s sofa because of an obscure change in how the federal government calculates homeless aid. For decades, Washington has determined how much taxpayer money to give states, counties and cities for their homeless residents, using a formula that actually has nothing to do with homelessness. But the COVID-19 pandemic, and its billions in emergency aid,.
Calculating homeless aid has relied on a flawed formula
Dec. 29, 2020 at 7:15 am
ANDY BLYE and AUSTIN FAST, Howard Center for Investigative Journalism
Eric Smith will finally have a place to call home after years of sleeping in his car and on his aunt’s sofa because of an obscure change in how the federal government calculates homeless aid.
For decades, Washington has determined how much taxpayer money to give states, counties and cities for their homeless residents, using a formula that actually has nothing to do with homelessness. But the COVID-19 pandemic, and its billions in emergency aid, forced lawmakers to rework the old, politically popular homeless formula, which spread the wealth regardless of need.
John Kobs | Photo credit: Apartment List
The tailwinds of the COVID-19 pandemic an increase in people looking to move and an increase in the adoption of technology has, in part, contributed to a year in which the company achieved profitability and accelerated revenue growth, according to a company spokesperson.
“We’re on a mission to deliver every renter a home they love and the value they deserve,” Apartment List CEO and co-founder John Kob, said in a statement. “In a year when home has never been more important, we know it’s increasingly critical to provide tools for renters and properties alike.”
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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