Via SFGate, I was forwarded to an article in the San Francisco Business Times that discussed how San Francisco has the highest number of vacant homes in the Bay Area. At almost 8.3% vacancy, that seems like a lot-the article suggested one in 12 homes was vacant. According to the article, California has a vacancy rate of just over 8%. Surrounding Bay Area Counties range from 4.39-7.2%
I can think of several reasons.
1. People in metropolitan areas are leaving for the burbs to get into decent schools and out of the nightmare that is the consolidated system.
2. People are leaving for jobs in other areas.
3. Rent control/fear of being a landlord. I know of many landlords that have long tired of having no control over their buildings-particularly if they get a bad tenant.
4. It’s expensive to live in SF. At some point, the value of the amenities (Symphony, Restaurants, ‘Walk to coffee’) becomes less important when looking at simplifying your life.
That’s the glass half empty. Let’s look at the half full version. Well, I guess that’s really the 91.7% full version.
To read the article and check out the charts From Blanca Torres, San Francisco Business Times