We've been following the oncoming future of the Lyon-Hoag neighborhood for quite some time including here and here. This might be the section of town undergoing the most change--at least until the up-zoning in the North end happens. Regardless of how long the changes have been in the making, it's still a shock to many. I needed a tow recently and the tow truck driver who has been doing that job for almost 30 years couldn't believe that Hower Auto had closed and that the Datsunville building had been sold and was likely closing. At least Washington School is getting some new permanent classrooms as the population of kids is likely to jump once again with all of the development coming.
And don't expect the pressure to subside. Beyond Facebook and the crazy CASA Compact is another wave of price pressure from the next wave of Bay Area IPOs. The Wall Street Journal notes
Friday’s strong public-market debut of ride-hailing company Lyft Inc., now valued at roughly $30 billion, is expected to kick off a rush of massive IPOs that include competitor Uber and digital-imaging company Pinterest, supplying the Bay Area with possibly thousands of new millionaires. What sets this IPO season apart from previous offerings is the sheer volume of workers expected to benefit from the bonanza and its impact on the Bay Area, already strained by a growing class divide fueled by the years-long tech boom.
One early Uber employee, who is currently living in a rental apartment with their spouse and sold about half of their shares during an internal sale, said they had been eyeing single-family homes in the city. But that even with a budget of $4 million to $5 million, they didn’t feel they could manage carrying costs and private school for their future children. They are now looking at homes in San Francisco’s suburbs farther south.
The eternal question is whether B'game and our neighboring towns will end up as an expanse of offices, housing and restaurants and nail salons with little in the way of small services like independent auto repair, mom and pop retail, entertainment venues or anything unique from any other suburbia? Plenty of B'gamers fear the worst about that homogenization and the traffic with the most common question today being "If you decide to go, where would you go?" not generating a satisfactory answer very often. Here's the Washington addition and the last view of Hower.
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