Surprising news out of the census: San Francisco had 30,000 empty homes in 2010, reports Blanca Torres of the San Francisco Business Times. That’s an 8.3 vacancy rate, higher than the state average, and higher than any other county in the Bay Area.
Torres asks the question that’s no doubt on everyone’s mind: “As many people who have moved to the City by the Bay can attest, finding housing here can be challenging whether you are renting or buying — and it’s not just the cost factor. I have to wonder why there are not fewer vacant units considering the high demand and seemingly tight supply. Who are these property owners holding the keys to empty homes?”
Marin County had the next highest vacancy rate at 7.2 percent, followed by Alameda County and Contra Costa County. Silicon Valley had the lowest vacancy.
So what’s causing this high rate of vacancy in what is considered one of the most desirable cities to live in? According to Torres’ follow-up piece, possible explanations offered by Biz Times readers include: people waiting for a better real estate market to sell, people owning homes in San Francisco for investment or vacation purposes, and finally, landlords who are fearful of renting to bad tenants, given the tough protections for renters in the city.
Article source: http://www.baycitizen.org/blogs/pulse-of-the-bay/sf-leads-bay-area-vacant-homes/