$20,000 home loans for SF teachers find few takers

The San Francisco Chronicle reports:

When it comes to low clergyman compensate in San Francisco’s open schools, City Hall and a San Francisco Unified School District mostly indicate to a Teacher Next Door Program as a solution.

But it competence as good be called a Teacher Still Renting a Tiny Space in a East Bay Program for all a income it has given teachers to buy homes in San Francisco.

Begun by then-Mayor Gavin Newsom in 2007 with an initial $1 million investment, a module has supposing a sum of $1.04 million. In 9 years. In a city with a $9 billion annual budget.

That means all a income teachers have gotten in a program’s existence isn’t adequate to buy one median-priced single-family home or condo in San Francisco. That figure, according to Paragon Real Estate, now stands during $1.285 million.

The district employs 3,292 teachers, and a new Chronicle investigation found their normal compensate of $65,240 ranks 528 out of a 821 propagandize districts in California that reported income information to a state notwithstanding a city’s vast cost of housing. Seventy percent of city teachers rent, according to their union, with many renting other people’s vital bedrooms or dining bedrooms or travelling unequivocally prolonged distances. A few have lived in their cars, in single-room-occupancy hotels or in hostels.

San Francisco's war on the middle class isn't going to be helped by small loans.