re: U-haul Shortages In San Francisco

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could easily get a $75k/year job in a city that would have 3 bedrooms for $1875.

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not if all the jobs in that field are in Frisco...

I know, they are all moving to Texas.

900 Homes have been built in a 3 square mile area around ours in seven years, average price $300,000.

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average price $300,000.

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Damn, you must be way out.

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not if all the jobs in that field are in Frisco...

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What does DFW have to do with it?

Yeah those are crazy. Same with the ones near the farmers market.

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Supply and demand and wealthy investors buying property just to rent it out mostly

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I spoke with a woman last week who works in the real estate market here in Bham. She was telling me about receiving a call a few weeks ago from a company out of Nashville that is looking at buying rental properties here. Right now bham is super attractive to these investors because of the current growth of the city. Apparently they are buying up as many properties as they can, which is also creating a housing shortage for people who are in the market to buy a home. If you couple these two factors together, with high demand and short supply driving up prices, Bham could experience a housing bubble burst if growth slows down.

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what the frick is Bham?

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Birmingham

More and more of these high paying tech companies are going remote or opening more offices east.

I worked for a software company in Birmingham and they were based out of CA. So you had a ton of people move over from Silicon Valley to Birmingham and still get paid the same.

My boss at the time came over from CA and bought a house on 80 acres outside of Birmingham that would have been equivalent to a 1 BR apartment in SF in terms of cost.

A lot of the top sales guys and engineers roll around in 100k cars.

This is becoming more of the norm.

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Hard to believe you can even rent a Uhaul in SF. Try getting your oil changed or tires aligned... there are very few basic service stations with rent that high.

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San Francisco County, the tip of the peninsula, is roughly 7 miles by 7 miles. I lived there in 2000/2001. North of Market St and east of Van Ness there were just a few gas stations. As in four or five, maybe. There were a more out in the western districts and the south part of the city, but I'd be surprised if there were more than about 25 places to buy fuel in the whole county. Oil change and alignment? A dozen or fifteen, maybe.

Housing prices have been ridiculous for years. This isn't a new development. You had to drive to Colma to go to Home Depot or get buried. No cemetaries in The City.

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This is all unsustainable and people will again beg for the gubment to step in and bail them out when it fails.

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I agree. These massive rental property companies are really driving up the prices artificially because of the amount of inventory they are buying up. I don’t know what the solution is but there needs to be a healthy balance of rental properties and non rental properties. Just building more houses isn’t the solution because that can have the opposite effect and drive prices down if there excessive supply on the market.