Due to Rent Control, S.F. Has 31,000 Vacant Housing Units As Frustrated Landlords Give Up

Professor Mark Perry quotes this amazing Bay Citizen article on regressive San Francisco:

"In San Francisco, one of the toughest places in the country to find a place to live, more than 31,000 housing units — one of every 12 — now sit vacant, according to recently released census data. That’s the highest vacancy rate in the region, and a 70 percent increase from a decade ago."

The reason? The city's pro-tenant, outdated rent control laws that make it difficult to raise rents or evict a tenant.

"Increasingly, small-time landlords are just giving up, like one who has left two large apartments on the second and third floors of her building vacant for more than a decade, after a series of tenant difficulties. It’s just not worth the bother, or the risk, of being legally tied to a tenant for decades.

“Vacancy rates are going up because owners have decided to take their units off the market,” said Ross Mirkarimi, a progressive member of the Board of Supervisors. He attributes that response to “peaking frustrations in dealing with the range of laws that protect tenants in San Francisco that make it difficult for small property owners to thrive.”

As Dr. Helen would say: "going Galt".