SAN FRANCISCO — Not long ago the pink house at 1829 Church Street, in the Glen Park neighborhood here, hit the market for $895,000. It sold for $1.425 million — $530,000 over the asking price — in less than two weeks.
The story of this fixer-upper, with three bedrooms, two baths, linoleum floors and an Eisenhower-era kitchen, is in some ways the story of the moment in the city, where longtime residents complain that Silicon Valley money is basically ruining the place for everyone else. More wealth is concentrated in the San Francisco Bay Area than just about any other place in the nation.
Google alone, the story goes, minted 1,000 millionaires when it went public. Ditto Facebook. And Twitter? Some estimate 1,600. Tech worker bees are doing just fine, too, with average base salaries now north of $100,000. To understand how all this money is transforming San Francisco, for better and worse, look no further than this city’s hyperventilating real estate market.
As technology companies have moved in — more than 5,000 start-ups now make their home locally — the influx of well-paid workers has pushed rents and home prices through the roof. Worsening matters, San Francisco has also become a bedroom community for many of the young people who work in Silicon Valley.
Each day, Apple, Facebook, Google and others shuttle tens of thousands of their employees to work using private buses that have become a controversial symbol of rising tech wealth. (via The Housing Market With Nowhere to Go (but Up))