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.
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