CNN Blames San Francisco’s Booming Tech Sector for a Government-Created Housing Shortage

by | Oct 20, 2018

CNN Blames San Francisco’s Booming Tech Sector for a Government-Created Housing Shortage

by | Oct 20, 2018

https://pixabay.com/en/cityscape-city-town-row-houses-2747226/

San Francisco is one of the most expensive places to live and work in the United States, with average monthly rent for a one-bedroom apartment approaching $2,500. This is largely the result of the Bay Area adding a tremendous amount of jobs and people over the past decade, but failing to build housing for these new residents.

From January 2010 to January 2018, the city added 100,000 jobs, according to the U.S. Bureau of Labor Statistics, with many of those in San Francisco’s booming tech sector. In that same time period, the city has added a little over 20,000 housing units. The predictable result of quickly rising demand and slowly growing supply has been a massive spike in rents, pricing some residents out of the city, and others on to the streets.

The increasingly widespread conclusion is that this failure to build housing is a policy failure, born from highly restrictive land use regulations that’ve prevented the construction of new units. It’s a story that everyone can agree on, from the Cato Institute to some of the city’s progressive politicians.

“When it comes to housing, yes, supply and demand is a real thing,” said San Francisco Mayor London Breed during her inaugural address. “We often ask ‘should we build more housing for teachers, nonprofit workers, or the homeless?’ Then we answer with an unending system of laws and procedures that seem designed to say no.”

Read the rest at reason.com.

Our Books

Shop books published by the Libertarian Institute.

Podcasts

scotthortonshow logosq

coi banner sq2@0.5x

liberty weekly thumbnail

Don't Tread on Anyone Logo

313x0w (1)

313x0w (1)

313x0w (1)

Our Books

Recent Articles

Recent

‘We Are All Charlie Kirk’

‘We Are All Charlie Kirk’

In 2015, the French comedy magazine Charlie Hebdo was attacked by terrorists and twelve people were murdered. It was the second of three violent attacks on the magazine because they had dared to published cartoons of the prophet Muhammad, an insult to followers of...

read more
‘The Ethics of Dynamite,’ Again

‘The Ethics of Dynamite,’ Again

In his 1894 essay “The Ethics of Dynamite,” English individualist Auberon Herbert likened the use of violence by revolutionary anarchists to the violence the state itself represents, and he drew out in his characteristically beautiful prose the nature of the state as...

read more
TGIF: Hurray for the Industrial Revolution!

TGIF: Hurray for the Industrial Revolution!

Unbelievably, in 2025, walking among us are people, many of them young and college-educated, who believe the Industrial Revolution (spawned by the liberal Enlightenment) was a disaster for most of mankind. They yearn for what they imagine was the tranquil, plentiful,...

read more

Pin It on Pinterest

Share This