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June 17, 2020

Comments

Joe

Wow. When I wrote the "Note" yesterday "we shall see how long that lasts" about younger employees preferring the city lifestyle I had no idea the SF Comicle would back me up the next day. Here's today front-page, above the fold piece:

SF tenants break leases in startling numbers, giving renters upper hand

One in 13 San Francisco renters have broken their lease since the coronavirus stay-home orders went into place nearly 100 days ago, an astonishing out-migration of tenants in the city that could lead to thousands of empty rental units and give renters the upper hand in negotiations.

A new survey from the San Francisco Apartment Association found that 7.5% of renters have broken their lease over the last three months. The survey included information from 292 landlords who own 10,329 apartments, about 6% of the city’s total rental units. “We don’t have a baseline to compare it to, but I think it’s shockingly high,” said Charley Goss, the association’s policy director. “A pretty substantial group of people are leaving.”

The biggest group of tenants breaking leases in San Francisco are Gen Z workers, those 18 to 25 years old, according to landlord and tenants groups.

“What is getting hit the hardest is the new construction in SoMa, Mission Bay and South Beach,” he said. “Mission Bay is really suffering because there is not much of a neighborhood there yet. It’s become a little bit of a ghost town.”

Rent declines in less dense parts of the city — older neighborhoods likely to have outdoor space and more room to work from home — are not as steep.

https://www.sfchronicle.com/business/article/SF-tenants-break-leases-in-startling-numbers-15347851.php

Growling Tiger

I am absolutely certain all those millennials moving back in with mom and dad from South Beach will immediately re-register to vote at their parent's address so their mailed ballots will be correct and can be harvested properly. Certain.

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