Downtown San Franciscos home prices are surging and not only because the new mayor is tackling quality-of-life issues
After years of declining property values, shuttered storefronts and a pandemic-driven exodus of remote tech workers, signs of life are reemerging in San Francisco’s core.Median home list prices in one central ZIP code — encompassing neighborhoods like Nob Hill, Union Square and the Tenderloin — soared 51% in May compared to the same time last year, according to Realtor.com.While those figures reflect list prices rather than final sale prices — and can swing based on the mix of homes entering the market — the sharp uptick points to renewed buyer interest in an area that, until recently, symbolized San Francisco’s struggles.The shift comes not only as more workers return to their offices, but also as newly elected Mayor Daniel Lurie pushes a cleanup campaign aimed at reversing the city’s declining reputation.Since taking office in January, Lurie has focused on curbing open-air drug markets, reducing homelessness and boosting sanitation, while proposing a budget centered on core services like public safety.“The people of this city have called on us to rebuild a safer, cleaner, thriving San Francisco,” Lurie said last month.“To do that, we must provide clean and safe streets, address the crisis of homelessness and addiction, and reinvigorate the spirit and strength of businesses and neighborhoods across this city.”Lurie, a political newcomer and heir to the Levi Strauss fortune, defeated incumbent Mayor London Breed in a campaign dominated by concerns over quality-of-life issues.
His proposed $800 million budget includes controversial cuts to city staffing — roughly 1,400 positions — while expanding law enforcement and behavioral health initiatives.Among the measures already underway: targeted enforcement in drug hotspots and new rules requiring city-distributed drug paraphernalia to be paired with counseling referrals.Though some critics have protested the staffing cuts, Lurie’s office touts early progress.Crime is down nearly 30%, car bre...