I live in San Francisco, where I can’t go a day without hearing how unaffordable it is to live here. The media loves to excoriate the tech companies for pricing out poorer residents who’ve been here for decades. Ironically, the majority of techies themselves can’t afford to rent a $3,500 one bedroom apartment or buy a $1.1M median property by age 30 because they are relatively underpaid!
It is VERY bad form to buy a property with long term tenants, boot them out through an Ellis Act eviction, remodel, and then flip the property for a profit. It’s also terrible to buy a property with the intention of replacing long term tenants with yourself. Folks, please buy a place that does not displace existing tenants! It’s cruel to make people move out of homes when they’ve lived there for decades. There are plenty of other properties sitting underutilized or vacant to choose from.
Perhaps you also live in one of the many crowded cities in the world where rent and real estate prices have made living unbearably expensive. Your teachers, artists, writers/bloggers, musicians, and public servants are getting pushed out. Traffic has become unbearable. And your neighborhood is getting homogenized, much like it is at work. Let me offer three immediate solutions to the housing affordability crisis.