SF Housing about to get even pricier

From San Francisco Business Times:

San Francisco only built one home for every 10.4 new jobs created in 2016, a recent report says, after comparing new data from the San Francisco Planning Department to estimates by the U.S. Census.

A new report from housing site Curbed S.F. arrived at the ratio of homes to jobs by comparing the 27,048 new jobs created in the city in 2016, as tallied by the Planning Department, to the only 2,600 new homes the Census estimates were built during the same period.

Curbed notes that while the Census and the Planning Department categorize job and population growth slightly differently, “unless the Census somehow missed 10,000 new homes, it’s not going to make a big difference.”

Some other takeaways from the Planning Department’s “2016 Commerce and Industry Inventory” report, released last week:

  • Total wages in San Francisco shot up 6 percent overall in 2016, to $71.5 billion total, or a median wage of $101,640, a massive jump from the median wage of $83,570 in 2011.
  • Building permits issued citywide fell 2 percent to 29,117 new permits.
  • Job growth went up 4 percent in 2016 across San Francisco, creating a new record of 703,230.

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