Posts Tagged "soaring rent"
September 22, 2022
Need for Low-Cost Retiree Housing is Urgent
San Francisco is caught in the vortex of two powerful forces: a fast-growing retiree population and rising rents.
Residents over 60 are expected to make up a fourth of the city’s residents by 2030, according to this video project for The San Francisco Standard by Chris Chang, a student in the University of California, Berkeley’s graduate journalism school.
And San Francisco rents, after collapsing during the pandemic as people left the city, are on the rise again. A one-bedroom apartment is going for $3,100 per month – second only to New York City – despite a rent control policy that limits annual rent increases.
A San Francisco retiree with an unusually onerous rent burden is Shao Yan-Zhen, whom Chang interviewed for the video. The rent soaks up nearly 70 percent of her and her husband’s modest retirement monthly income. They have been on a waiting list for a federally subsidized apartment for two decades and are among the two-thirds of retirees nationwide who qualify for the assistance but can’t get it due largely to a shortage of rental housing. …Learn More