Apparently the investors/builders have a price floor they cant go under else the situation becomes financially unviable.
Also - it would appear that several of these new builds are having a tough time filling units at luxury prices.
Who knew?! I thought if we just kept building the market fairy would magically lower prices everywhere.
The people living in these apartments are getting a good deal. They wouldn't be able to live here without this kind of deal.
And every 4 of these new grads living in a 2 bed apartment, is 4 people NOT gentrifying the mission.
• 1222 Harrison St was a bus depot[1]
• 340 Fremont St used to be a few “institutional” buildings including the “Seafarer’s Union” building[2][3]
• 1010 16th St aka Daggett Project was a paint factory[4]
• 1333 Powell St, Emeryville aka Parkside Project was a couple office buildings and large parking lots[5]
[1] http://www.socketsite.com/archives/2012/12/the_massive_plans...
[2] http://www.socketsite.com/archives/2012/09/340_fremont_scoop...
[3] http://sf-planning.org/sites/default/files/FileCenter/Docume...