Tech Boom is Feuling Another Bay Area Real Estate War

Unlike the prior generation of tech executives who spent their lavish earnings on wealthy neighborhoods and Silicon Valley suburbs, a new generation of dot-com profiteers are driving up housing costs in grittier parts of San Francisco.

Nancy Keates and Geoffrey A. Fowler report on the dramatic effect that "infusions of cash from the rising shares of Apple and Google and the initial public offerings by Zynga, LinkedIn, Yelp and soon Facebook" are having on such San Francisco neighborhoods as the Mission, where median home prices have grown 44% compared with a year ago.

"Real-estate agents say it's a cultural shift. The new generation of Internet executives-younger than the last generation of dot-commers-eschews the trappings and responsibilities of expensive properties. They want to bicycle, walk or take public transportation. They like living near food trucks and dive bars," write Keates and Fowler.

Although "the gentrification is far from complete," as Keates and Fowler observe, those same "gritty" elements that attract enthusiastic renters and buyers are being forced out of some of the last areas of the city to offer housing options to middle and lower class families.

Full Story: The Hot Spot for the Rising Tech Generation

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Book cover of Contemporary Debates in Urban Planning

Contemporary Debates in Urban Planning

Featuring thought-provoking commentary and insights from some of the leading thinkers and practitioners in the field.
$18.95
Woman wearing city map tote bag

City Shoulder Totes - New Cities Added!

Durable CityFabric© shoulder tote bags available from 9 different cities.
$22.00