Will Tech IPOs Drive Hyper-Gentrification of Southern Neighborhoods?
|Starting at $1 million|
Could the new tech bubble -- and a bubble is what it increasingly looks like -- do the same thing to other Southeastern neighborhoods, such as Potrero Hill and Bernal Heights? On the surface, these areas are not undergoing the kind of drastic makeover that SOMA went through. But they are filling up with techies who are driving real estate prices higher and higher, as Reuters reports.
With a wave of IPOs expected in the coming year, employees soon to be flush with cash from stock options from companies such as Zynga, Facebook, Yelp, and others are bidding up the prices of relatively modest single-family houses into the seven-figure range. As the neighborhood blog Bernalwood reported, a three-bedroom home on Precita Park recently sold for $1.3 million.
This is sure to provoke hand-wringing in predictable quarters, but hey -- that's what you get when you bend over backward to ensure that lucrative tech firms, and their workers, remain in San Francisco.
Follow us on Twitter at @SFWeekly and @TheSnitchSF