San Franciscans across the city are facing a surge in rent prices and evictions as the AI boom continues.
San Francisco Realtor Oliver Sloan says there is a large discrepancy between the income of tech workers and those in different sectors.
"I believe the amount of money in AI is so enormous that even like other white collar professions just can’t keep up and they certainly can’t keep up with housing purchases."
According to city officials, over 1000 eviction notices have been filed this year. At this pace it could be the highest number of evictions in the last decade.
Today, Mayor Daniel Lurie introduced a number of measures to protect residents from being pushed out of the city.
That includes the expansion of the Tenant Right to Counsel program which provides a free lawyer to those facing eviction. The city is also halting evictions for people who owe less than a month’s worth of rent. And The Department of Homelessness and Supportive Housing is offering additional support to over 600 very low-income families.
During Thursday’s press conference, Lurie emphasized the push to build more housing.
"A parent who got home last night to find an eviction on their door cannot wait for that housing to be built so we are doing both. We are building more housing to make San Francisco more affordable for the future and we are keeping more people in their homes today."
According to Zillow, the average rent for a one-bedroom apartment in San Francisco right now is roughly $4500 per month and rent has increased 25% over the past year.
On Lurie’s social media, San Franciscans are voicing their concern that the measures won’t be enough to combat the rental crisis in the city. Some are even calling for a rent freeze.
