Story of vacant lot on SF's Nob Hill could help explain city's ongoing housing crisis
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- เผยแพร่เมื่อ 1 พ.ย. 2023
- We often hear about how San Francisco needs to build more housing, so why has a prime location sat vacant for decades? Our media partners at San Francisco Standard took a closer look at how the story of the vacant Nob Hill lot could help explain the city's ongoing housing crisis.
abc7ne.ws/3sgMOhm
#sanfrancisco #housing #affordablehousing #realestate #vacant #abc #abc7news
The way the city manages itself will correct the housing crisis. With thousands leaving and moving out of San Fran each week, it will self correct. You are already seeing condos sitting vacant ~ no buyers since crime and homeless keeps worsening.
best time to invest is when everyone is running away
GET READY FOR THE SQUATTERS OF PARADISE
It's not housing crisis. It's by design, they don't want people to build houses in SF.
That's a lie whenever someone moves out of sf or closes down a business 90 percent of the time Chinese buy it for a bargain
🤣 💩
Nice segment highlighting any interesting story. Actually made me want to read what happened.
I still say its neighboring property owners will strongly oppose any development of that lot. It's been that way this whole time to this very day and it is what it is. I wouldn't buy or invest in that lot too if I was a multi-billionaire knowing that I won't be allowed by the City and County of San Francisco, yielding to NIMBYs, to build anything on that piece of land.
$13.5 million in land cost before site preparation is almost $242,000 per unit just for the land for the 56 possible units. That alone will take the selling price of finished units out of the "affordable" range for a lot of people.
You forgot that you need to spend millions more on legal fees and possible court fight and lose. Then you just 13.5m for land that you can't use
They aren't going to build affordable units right there in Nob Hill. Those will be in the 1.5 - 4 million range each.
There are officials holding it up. Who are they?? why reporters don't name them? so people can vote them out
Ed Lee got named, but he is dead already.
Ed Lee
They are democrats so they will get re-elected regardless
edd Lee probably sold the right to some offshore hedge found it left it for his kids
That plat will not make a dent in supply
With a story like that they should make that vacant lot a historical landmark.
A story of radical NIMBYism. Then the landmark will be perfect for blocking development for another 100 year.
lol, don’t give them ideas
Even better, just turn it into Ed Lee Park.
😂
What a terrific story and insight into San Francisco's long time housing problem. As goes Omar Kahans....Wow! One amazing restaurant when it was in its heyday. I have very fond memories of dining there as a young boy and later as a resident and 20 something in the 70's.
Why did Mardikian name it an Islamic name? Being a victim of the Armenian Genocide, he must have had Stockholm Syndrome. Yet he was probably serving Armenian food at the restaurant.
I don' know if that's really the case because they are bulldozing buildings everywhere I look in SOMA to make room for luxury condos/apartments.
bulldozing parking lots not buildings
The laws allow projects to be blocked easily. Better to not waste your time and money.
Great segment, both were wonderful, Love Josh's investigating
Joshua is cute
Soooo fascinating, I love information
Connie Girls
Its more a battle of property owners Vs Developers. The owners want to keep prices high for renting and as an investment
🤔 How about transforming empty offices and stores into apartments and homes? The trends of online shopping and remote working aren't likely to change
eminent domain!
Because it's haunted.
So its been vacant since 1906...and its in Nob Hill. Millennium Tower 2.0
There's no tower on the property. Nobody lives there.
Prime location for a nice luxury development once rates come down a bit. Can’t have affordable housing on a plot like this.
Tons of addicts in that neighborhood
@@Segway99 That's not true. It's on Powell Street next to the Fairmont Hotel Tower.
Let's say you are the legislature member, and you own 5 houses/apartments. Will you pass the bill that solves the housing crisis by making building new constructions easier and thus lowering the price, but at the cost of your personal wealth shrinking?
Rich, people not gone build affordable housing here.
wow in chinatown they demolished the ihotel amd dragged elder Filipino men that some had been veterans and served our country well. the financial district had a little Filipino town area next to Chinatown. The Ihotel was so vital to their community. they were dragged out and removed.
I only learned about this in college. but growing up i saw an empty plot. only in recent years with much fundraising and community advocacy did they rebuild the ihotel. I am not sure if any Manongs Filipino elders were alive to move back in. They made affordable units to give for some low income housing. So many barriers to build housing, especially affordable housing.
With all the people fleeing San Francisco due to crime, drug use, open homelessness and overtaxation, there’s still not enough houses!!? 🤔
Exactly what I was going to mention! Something is not right.
Build Back Never.
THAT IS WAY TOO MUCH OF A RISK TO BUY THIS PROP FOR 13M. THE REPORT ANSWERED ITS OWN QUESTION - OF COURSE DEVELOPERS WILL TAKE THE RISK (IF THE PRICE IS RIGHT). LANDOWNER BUNGLED REDEVELOPMENT AND WANTS TO RECOUP COST IN SELL PRICE. LANDOWNER (DESPITE THE COMPELLING BACKSTORY) NEEDS TO CUT LOSSES AND PRICE IT RIGHT.
I li live in Los Angeles, and instead of building land on vacant lots that are available, developers try to buy up old apartments or houses that are already housing people to create luxury housing. It’s like use up the vacant lots first and don’t displace people in already existing inventory. However the developers are greedy and want prime real estate and the politicians are flexing rules to make it easier for the politicians to make this “affordable housing” but let’s call it what it is. Luxury housing that sits empty that no one can afford.
This is only part of the story. The rules are in place for a reason. The breaking of rules does only one thing make the politicians and developers rich while displacing thousands of low income residents.
Renters rule , SF isn’t a landlord friendly city. Totally backwards. Just like the rights criminals n homeless take precedence over the rights of law abiding citizens n retailers.
there is just too much bs with the way how we do things!
That kid should be able to open up the business without the state forcing projects in order to clean a solution. That the state themselves created
Until one attempts to process any development project through the system will one realize that city workers feel it a duty to make it difficult to do anything if they need a city permit. Try it. 😏
It also is example of Ed Lee !
They should build a YMCA there. "It's fun to stay at the YMCA....."
There's already a YMCA two blocks from there.
Best advice. Move to another state.
If there is a political block then only a connected developer (affiliated with politicians) can take the risk.
The planning dept and building dept are corrupt and slow to move. This doesn’t help.
The lot priced over 13 million, nothing they build will be "affordable". There won't be any parking. The exodus of rich buyers and huge supply of for sale properties make this a losing proposition, along with certain other San Fran problems this video carefully overlooks. May as well level it and bring on the tents.
Well, we’re the apartments a huge sky scraper next to smaller apartments? You need new housing but don’t displace current housing, that defeats the purpose.
I love it when citizens w skin in the game go ups against people who like making up rules fer people w no skin that they will not play w them... offspring of immigrant not letting a gestapo tell them HOW to DO THEIR LIVES!!!! Good job SF... goodddddd job... What you have created is lovely
If you had tens of millions, why would you put it there??
The way things are going there is going to be hundreds of thousands of empty houses as no one is going to want to live there..
it’s government fatigue. everyone is tired of bloated bureaucracy
Journalism nowadays.......in the picture they put on.....he is with Richard Nixon , and Nikita khrushchev..in the same picture..!!
It's Richard Nixon and Herbert Hoover, not Nikita Khrushchev.
I think this is a bad cherry picked example of the housing crisis going on in California and all around the nation particularly in democratic strongholds (especially in democratic strongholds). Most of the time the housing problem involves White American homeowners that show up to town hall meetings to prevent new affordable multiple housing units to be built near them (NIMBYs as they're called). They simply do not want poor people of color to move in which they fear would increase crime (although obviously they don't say that) and thus lower the value of their property. This is the case most of the time. A minority of the cases (as this story highlights) usually involves people of color preventing multiple housing units to be built near them because that would mean that the area becomes gentrified (where socially mobile affluent White Americans move in). This story was one of those examples as Clay and Powell is located in Chinatown but most of the time this is not the case as far as the housing problem. Most of the time the cases around the housing crisis involve extreme and blatant systemic racism against black and brown people in America.
Unfortunately thats just how things are in this country. We Americans are all about social justice and equality as far as talk but no one actually wants to integrate poor black and brown people. That is why everyday in this country the racial, class, political, and economic divide continues to get worst and worst. At some point in the future there's gonna be a breaking point which will spell major division or possibly even collapse of our society.
Where is the leadership speaking out against gang theft? My cousin died of cancer leaving a young son in San Francisco. The grandmother in LA prepared a car full of food and packages for his first months in college. They left the car locked on a San Francisco street for one hour to return with the car stolen. It was found two weeks later obviously empty and damaged. How many stores have closed their landmark locations? The crime laws have to change because it’s not helping what I see in the news fully visible on camera.
I do not blame them. I want the same for my hood.😊
ed lee is really currupt
San Francisco needs better urban planners first. They really need to go to Europe and see how lively the inner cities are because they have a right mix of everything. Instead, whole downtown SF is turning into a huge dead zone because of this perfect combination 1) the city's planners incompetence allowing only office zones or residential zones but never a right mix that could create a vibrant social fabric 2) sickening liberal policies that allow people to sell life-killing drugs and allows people to die of life-killing drugs 3) greedy Israel supporting landlords who rather let their property sit empty for a tax write-off than lower the price which kills off all small mom and pop shops. Seriously... I don't see how it can be turned around. The Emerald by the Bay is on life support. Greed, bad public policy and bad urban planning. SF has it all.
some chinese business man from china will buy this as soon as its available. thats the story
And a page 6 story at that. In Newport Beach, 60% of properties are owned by Chinese Nationals. I learned that 3 years ago.
It's already available. However, there are currently no takers.
SF is wayyyy to left. time to vote it back to moderation.
Thanks for everything tech industry! We can see how you all really walked the talk by saving the world! 😂😂😂 except NOT and really you’re all just super greedy and leaving our home worse than how you found it. Bubye GTfO thanks
Oh yeah a housing crisis in a neighborhood that will ask probably no less than $8 million dollars for that house once it's built. Who is it helping?
😂😂😂😂
SF = Startup Fail
Zombies, got cash for to do drugs? Got poo latrines? Got free support for using drugs? All tax paid? So san Francisco CA, a place to be, a go to area to be zombies?
Hmm,.,.
🤣 city went to sh!t
Why does San Francisco need to build more housing again? Why can't any of the other cities around the bay be responsible for building more housing? Instead we need to cram more people in an already crammed city?
everywhere needs to build more housing. This is not a unique factor to SF.
SF just falls short of our neighbors because of our strict building restrictions, zoning, wealthy nimbys voting down new housing developments, etc.
There are lots of people who have no choice but to commute back and forth to SF for work..because there isnt nearly enough affordable housing in SF. What is wrong with building housing on lots like the one featured in this clip? It's been vacant for over 100 years!
@@paullentz1972 News flash, there isn't affordable housing anywhere in the bay area, it's not just a San Francisco thing. I really don't care if they build a house, or apartment complex on the property, but if you think that will make "affordable housing" you're nuts, the cost of housing is not because there's not enough of it, the problem is that housing is used too much as an investment opportunity where "market rate" pays for people's retirement. Build an apartment here, who's going to own it? That person is going to get rich especially for that neighborhood.
There are apartment buildings being built for low-income people/working people (income based apartments) in SF. The problem is that there isnt enough of them being built. @@Mike__B
Tax empty apartments and lots
no. let people do whatever they want with their property. if they want to rent to ghosts then stay out of it and let them do what they want
taxes have never gone back to helping the community, example the gas tax….
Capitalism doesn't address market failures! Greed has priced everyone out of a home!!!!
1:18 Excuse me? What is meant by 'genocide'? During the time of the World War, the Ottoman Empire was engaged in conflicts with various European countries. Referred to as the 'Sick Man,' the Ottomans were facing imminent collapse. It was in this precarious situation that the Armenians, who had lived alongside their neighbors for years, chose to side with Russia, which resulted in confrontations. They were promised their own lands, prompting actions that led to conflict between Armenians and the Ottomans. The events that unfolded were tragic, leading to differing perspectives on historical accounts. It's crucial to thoroughly understand the historical context before labeling it as a genocide.
It's important to approach historical events with sensitivity and acknowledge the differing perspectives and experiences of various groups involved.
Russia
United Kingdom
France
Australia
New Zealand
British India
Italy
Serbia
Montenegro
Greece
Romania
Portugal
While fighting with all these countries during World War (it's a war btw)... Ottomans decided to attack Armenian's just like that? Hmm... that doesn't sound right to me!
😂😂😂😂😂😂😂😂😂😂😂What?
What kind of garbage ramble was that about ?
That bit of history is not the point of this story.
13.5 million. Thats why sf is doomed. I hope the landowner loses everything for their greed