Blog, san francisco housing crisis

Affordable Housing San Francisco – California’s Oxymoron

 

Water Heaters Only, Inc. has been repairing and replacing hot water heaters in the Bay Area since 1968. The lack of affordable housing is something we hear about from our clients everyday.  We wrote about this topic last year and want to let you know about new developments.

With the current housing crisis and rent costs ballooning in the Bay Area, things have started to go sideways.  Earlier this year, the Department of Housing confirmed that the housing shortage is going to get worse before it gets better.  They reported that California is short more than 100,000 homes than what were needed in the last 10 years and home ownership is the lowest it has been since 1940.  Nearly 1/3 of all Californians spend half their income on rent.

What is the state going to do to help?

 

The state of California will increase from 39 million people to 50 million people by the year 2050.  San Francisco is not waiting for things to get worse.  They just passed a law that requires residential developments with 25 units or more to offer 25% of those units at below-market rates.  affordable housing San Francisco

The tech industry, often blamed for the crisis, is getting involved.  Facebook has pledged $20 million to build and protect affordable housing.  But the damage may be done.  The average home price is nearing $900,000 and requires buyers to have a salary of $153,000 a year to buy it.  The average Bay Area salary is hovering at $82,000 annually.

”    Everything needs to work at the same time. But what keeps society vibrant permanently is jobs, industry, business, and stuff like that. It pays for everything else. If you just build affordable housing, and those people don’t have jobs, it’ll no longer be affordable soon. So you really have to build around the business community. ” Jamie Dimon

These conditions have created some unsafe living conditions.  We have encountered residents living and sleeping in the same room as their water heater which is illegal and dangerous due to carbon monoxide gases. We have grown with our Bay area family and will continue to investigate the changing landscape.
affordable housing San Francisco

The outskirts of town are becoming the inseams of the Bay. We go on service calls to the furthest reaches of California and love to hear the stories of our clients’ journey. We’ve been growing with SF since 1968!

If you would like to add your voice to the conversation, we can be reached 24 hours a day, 365 days a week at 650-342-7824 or toll free at 1 (800) 835-5946 and you can email help@waterheaterssanfrancisco.com.