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Rapid Job Growth Cause of San Francisco’s Housing Shortage
The challenge facing those seeking housing in San Francisco is real, and the culprit is rapid job growth. A new “2016 Commerce and Industry Inventory” report from the San Francisco Planning Department and U.S. Census data reveals only one home was built for every 10.4 new jobs created in 2016.
The Planning Department says there were 27,048 new jobs created in the city in 2016, an increase of 4%. Yet, the Census reports only 2,600 new homes were built during the same period. That reflects a 2% decline in building permits issued.
The good news, all those jobs have boosted the wealth of people in the city to inflated levels. Wages citywide increased 6% to an astronomical $71.5 billion total, up from $49 billion in 2012. And the city’s average wage per job hit $101,640, a jump from $83,570 just five years ago.
For comments, questions or concerns, please contact Dennis Kaiser


