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		<title>Apartment Demand Ebbs as ‘Avalanche’ of New Units Open</title>
		<link>http://homesmillbrae.com/1747/apartment-demand-ebbs-as-%e2%80%98avalanche%e2%80%99-of-new-units-open/</link>
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		<pubDate>Thu, 04 Oct 2012 06:25:46 +0000</pubDate>
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				<category><![CDATA[Real Estate News]]></category>
		<category><![CDATA[Absorption]]></category>
		<category><![CDATA[Accounting]]></category>
		<category><![CDATA[Apartment Vacancies]]></category>
		<category><![CDATA[Basis Points]]></category>
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		<category><![CDATA[Downturn]]></category>
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		<description><![CDATA[One of the biggest upsides to the downturn in housing has been a surge in demand for apartments. Whether burned by foreclosure or afraid of losing money in homeownership, Americans have run in droves to rent. That resulted in a &#8230; <a href="http://homesmillbrae.com/1747/apartment-demand-ebbs-as-%e2%80%98avalanche%e2%80%99-of-new-units-open/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
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<p><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/ffbe3_for-rent-apartment-200.jpg" border="0" align="Left" height="150" width="200" vspace="0" hspace="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="ffbe3 for rent apartment 200 Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /><br />
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<p class="textBodyBlack"><span />One of the biggest upsides to the downturn in housing has been a surge in demand for apartments. </p>
<p class="textBodyBlack"><span />Whether burned by foreclosure or afraid of losing money in homeownership, Americans have run in droves to rent. That resulted in a strong rise in rents and a big drop in vacancies over the past few years, as investors rushed to build more supply. Now, just as that supply is about to come on line, demand appears to be weakening. </p>
<p class="textBodyBlack"><span />Apartment vacancies fell by just ten basis points in the third quarter of 2012, from 4.7 percent to 4.6 percent, according to Reis Inc. While that is still an improvement, it is the slowest rate since the recovery began in 2010; vacancies fell by an average 35 basis points every quarter from 2010 and 2011. </p>
<p class="textBodyBlack"><span />&#8220;Demand for apartments still clearly outstrips supply growth, with absorption figures higher than construction, and vacancies declining. Still, there is cause for concern in the near-term that demand is abating for multifamily, just as a veritable avalanche of new projects begins to open their doors early next year,&#8221; notes Reis economist Victor Calanog. </p>
<p class="textBodyBlack"><span />The change in occupied apartments also slowed to the lowest rate of absorption since the first part of 2010 and represented less than half the quarterly average of the past two years. This is particularly concerning, given how many new apartments are under construction and scheduled to open in the next two years. Multi-family housing starts were up 37 percent in August from a year ago, according to the U.S. Department of Commerce. </p>
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<p class="textBodyBlack"><span />Reis estimates that accounting for delays and cancellations, between 160,000 and 200,000 new units will open in 2013. In 2014 that “total” figure (not adjusted for delays) exceeds 320,000. That is in the 79 markets it tracks, where only 41,000 or so units were built in 2011. The average annual figure from 2001 to 2008 was about 120,000. </p>
<p class="textBodyBlack"><span />Many analysts still believe apartment demand will remain robust in the near term, relative to where it has been historically, as so many potential home buyers are shut out of the mortgage market due to damaged credit. They also point to a shift in the homeownership mentality of younger Americans, who have seen what the housing crash did to their parents and who are gravitating more and more to urban centers. </p>
<p class="textBodyBlack"><span />&#8220;Renting an apartment offers extreme flexibility in today&#8217;s techie generation and offers sociability,&#8221; says Alexander Goldfarb of Sandler O&#8217;Neill. &#8220;It&#8217;s huge how much kids want to be with other kids, and apartments lend themselves well to that. We are not seeing a sudden wave of people moving out to buy homes, even though housing is finding a floor.&#8221; </p>
<p class="textBodyBlack"><span />In fact, Goldfarb says the move-out rate is now at 16 percent, below the historical average of 20 percent. The biggest issue for the big apartment REITs, like <b><strong>Equity Residential <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/eqr" class="black_no_change"><span>[</span><span>EQR</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span></strong></b>, <b><strong>Avalon Bay <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/avb" class="black_no_change"><span>[</span><span>AVB</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span>,</strong></b> <b><strong>Essex</strong></b> <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/ess" class="black_no_change"><span>[</span><span>ESS</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span> and <b><strong>Camden Property Trust <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/cpt" class="black_no_change"><span>[</span><span>CPT</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span></strong></b>, he adds, is slowing growth rates. The stocks themselves are down and underperforming because investors expected this to be the peak year for the sector. </p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span />&#8220;Does that continue or do other trends boost them?&#8221; asks Goldfarb. &#8220;When you look at absolute growth rates, it will look very good relative to other sectors, and that will bring investors back to apartments.&#8221; </p>
<p class="textBodyBlack"><span />Goldfarb does not believe that the burgeoning single family rental market is taking share away from the multi-family sector, but others say it could play a role, especially for lower income families looking for more space. Investors in some of the hardest hit housing markets have been buying up as many distressed properties as they can find, citing new demand. </p>
<p class="textBodyBlack"><span />&#8220;I see unprecedented demand, more than I&#8217;ve ever seen in 15 years,&#8221; says James McClelland, CEO of Chicago-based MACK Companies, a rental property investment group. &#8220;Our waiting list is already up to 4 months. if you pass our criteria to become one of our renters you get the honor of sitting on a four month waiting list until the next home is available to you.&#8221; </p>
<p class="textBodyBlack"><span />The housing market may be recovering, but it is far from a robust recovery, and the lessons learned in the latest crash will likely keep rental demand high. Given where other commercial sectors are with vacancy rates, apartments are still the healthiest; it remains to be seen what all the new supply will do to the fundamentals over the long term. Analysts say 2014 is the year to watch. </p>
<p class="textBodyBlack"><span /></p>
<p class="textBodyBlack"><span /><b><strong><em>Sector Watch: US-Based REITS</em></strong></b></p>
<p class="textBodyBlack"><span />—Host Hotels  Resorts <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/hst" class="black_no_change"><span>[</span><span>HST</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span></p>
<p class="textBodyBlack"><span />—Simon Property Group <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/spg" class="black_no_change"><span>[</span><span>SPG</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span></p>
<p class="textBodyBlack"><span />—Equity Residential <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/eqr" class="black_no_change"><span>[</span><span>EQR</span> <br />
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<p class="textBodyBlack"><span />—Apartment Investment  Management Co <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/aiv" class="black_no_change"><span>[</span><span>AIV</span> <br />
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<p class="textBodyBlack"><span />—Vornado Realty Trust <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/vno" class="black_no_change"><span>[</span><span>VNO</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span></p>
<p class="textBodyBlack"><span />—Boston Properties <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/bxp" class="black_no_change"><span>[</span><span>BXP</span> <br />
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<p class="textBodyBlack"><span />—FelCor Lodging Trust <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/fch" class="black_no_change"><span>[</span><span>FCH</span> <br />
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<p class="textBodyBlack"><span />—AvalonBay Communities <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/avb" class="black_no_change"><span>[</span><span>AVB</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span></p>
<p class="textBodyBlack"><span />—American Capital Agency Corp <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/agnc" class="black_no_change"><span>[</span><span>AGNC</span> <br />
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<p class="textBodyBlack"><span />—UDR, Inc <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/udr" class="black_no_change"><span>[</span><span>UDR</span> <br />
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<p class="textBodyBlack"><span />—Essex Property Trust, Inc. <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/ess" class="black_no_change"><span>[</span><span>ESS</span> <br />
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<p class="textBodyBlack"><span />—Camden Property Trust <span><span><span class="cboq_div"><span class="cbo_qwrpr"><br /><span><img src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_blank.gif" border="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd blank Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span></span></span></span><span><a href="http://data.cnbc.com/quotes/cpt" class="black_no_change"><span>[</span><span>CPT</span> <br />
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	<span><img border="0" src="http://homesmillbrae.com/wp-content/plugins/rss-poster/cache/826fd_realtime_icon.gif" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt="826fd realtime icon Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></span>]</a></span></span></p>
<p class="textBodyBlack"><span /><em>Questions?  Comments?  </em><em /><em>And follow me on </em><a href="http://twitter.com/diana_Olick"><em>Twitter @Diana_Olick</em></a></p>
<p><img width="100%" height="0" title="Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" alt=" Apartment Demand Ebbs as ‘Avalanche’ of New Units Open" /></p>
<p>Article source: <a href="http://www.cnbc.com/id/49271964?__source=RSS*blog*&amp;par=RSS">http://www.cnbc.com/id/49271964?__source=RSS*blog*&amp;par=RSS</a></p>]]></content:encoded>
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		<title>Big names eye real estate in blighted SF downtown</title>
		<link>http://homesmillbrae.com/325/big-names-eye-real-estate-in-blighted-sf-downtown/</link>
		<comments>http://homesmillbrae.com/325/big-names-eye-real-estate-in-blighted-sf-downtown/#comments</comments>
		<pubDate>Tue, 01 Mar 2011 05:39:26 +0000</pubDate>
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				<category><![CDATA[SF Bay Area News]]></category>
		<category><![CDATA[American Conservatory Theater]]></category>
		<category><![CDATA[Area Foundation]]></category>
		<category><![CDATA[Art Lovers]]></category>
		<category><![CDATA[Block Stretch]]></category>
		<category><![CDATA[Burning Man Festival]]></category>
		<category><![CDATA[Common Crimes]]></category>
		<category><![CDATA[Creative Hub]]></category>
		<category><![CDATA[Drug Deals]]></category>
		<category><![CDATA[Edwin Lee]]></category>
		<category><![CDATA[Exhibition Space]]></category>
		<category><![CDATA[Goodell]]></category>
		<category><![CDATA[homes millbrae]]></category>
		<category><![CDATA[Lease Signs]]></category>
		<category><![CDATA[Melchor]]></category>
		<category><![CDATA[Muggings]]></category>
		<category><![CDATA[Open Doors]]></category>
		<category><![CDATA[Prime Real Estate]]></category>
		<category><![CDATA[San Francisco Police]]></category>
		<category><![CDATA[San Francisco Police Department]]></category>
		<category><![CDATA[Street Performers]]></category>
		<category><![CDATA[Tax Proposal]]></category>

		<guid isPermaLink="false">http://homesmillbrae.com/325/big-names-eye-real-estate-in-blighted-sf-downtown/</guid>
		<description><![CDATA[SAN FRANCISCO — Josette Melchor spends much of her time devising ways to lure art lovers into the contemporary exhibition space she runs in downtown San Francisco, halfway between the city’s Civic Center and bustling Union Square. She also spends &#8230; <a href="http://homesmillbrae.com/325/big-names-eye-real-estate-in-blighted-sf-downtown/">Continue reading <span class="meta-nav">&#8594;</span></a>]]></description>
			<content:encoded><![CDATA[<p>SAN FRANCISCO — Josette Melchor spends much of her time devising ways to lure art lovers into the contemporary exhibition space she runs in downtown San Francisco, halfway between the city’s Civic Center and bustling Union Square.</p>
<p>She also spends time making sure other people stay out.</p>
<p>“We don’t have open doors, ever. They’re always locked,” said Melchor, whose Gray Area Foundation for the Arts sits at the convergence of the Tenderloin and Mid-Market, two of the city’s most downtrodden neighborhoods. “We must see 100 crimes every week out of these windows, and although the city wants it to change, it hasn’t happened.”</p>
<p>The foundation’s arrival in 2009 was heralded as the start of a trend that would culminate in a unique creative hub along Market Street, one of San Francisco’s busiest thoroughfares, where the wide sidewalks are packed most days with tourists, street performers and employees from the nearby financial district.</p>
<p>Yet the five block stretch of prime real estate known as Mid-Market remains a sea of boarded-up storefronts and “For Lease” signs, and transients are the most visible occupants. The most common crimes in the area are drug deals and muggings, according to San Francisco Police Department data.</p>
<p>But a new crop of potential tenants — Twitter Inc., the American Conservatory Theater and the organizers of the annual Burning Man festival — and a recently announced Mid-Market tax incentive plan are renewing hope that a transformation is finally coming.</p>
<p>“I think the time is now and we’re going to see some bravery,” said Marian Goodell, director of business and communications for Burning Man, which held its first gathering in San Francisco in 1986 and has based its offices there ever since. “I’m really optimistic that some magic is going to happen.”</p>
<p>The tax proposal announced Feb. 7 by Mayor Edwin Lee and two city supervisors is an attempt to solve two pressing problems: the general reluctance to take a chance on Mid-Market and the threatened exodus of Twitter and other prized businesses from San Francisco to parts of the Bay area where real-estate costs are significantly lower.</p>
<p>“Keeping companies like Twitter helps us create jobs, boost our local economy and, in this case, can be a catalyst to transform our central Market Street area,” Lee said of the plan, which would offer a six-year payroll tax exemption for companies that relocate to the area. The plan must be approved by the Board of Supervisors.</p>
<p>Jennifer Matz, director of the city’s Office of Economic and Workforce Development, described Twitter as “the big fish” the city hopes to lure with the new incentive, though it would be available to any for-profit business with a payroll above $250,000.</p>
<p>A spokesman for Twitter, which is quickly outgrowing its current headquarters three blocks south of Market Street, declined to comment on the city’s claim that it is considering leasing the massive former San Francisco Furniture Mart. The social networking service currently employs about 350 people, but has said it expects to expand to several thousand over the next five years, Lee said.</p>
<p>With or without Twitter, the positive effects of a Mid-Market tax exemption would ripple throughout the city, said Jim Lazarus, senior vice president of the San Francisco Chamber of Commerce</p>
<p>“San Francisco remains a very attractive place for people to live, and yet we’re losing jobs,” he said. “This will help bring the kind of employment density into the area that it desperately needs.”</p>
<p>The efforts to bring new blood to Mid-Market also are eliciting praise from groups in the neighboring Tenderloin — home to the city’s highest concentration of parolees but not a single full-service grocery store.</p>
<p>“We need an edge, because right now we just can’t compete with other neighborhoods on an even playing field,” said Randy Shaw, executive director of the nonprofit Tenderloin Housing Clinic. “Maybe with what’s going on in Mid-Market, businesses will think of moving here.”</p>
<p>Others caution that it’s still too soon to declare a Mid-Market renaissance. And the would-be tenants themselves acknowledge that nothing is set in stone.</p>
<p>The American Conservatory Theater, currently located a block from Union Square, is planning to expand into a $100 million Mid-Market arts complex that would include a 300-seat theater, housing for visiting artists and various other facilities. ACT has found the land — a 200,000-square-foot lot at the corner of Turk and Market streets — but is still seeking the partners and funding it would need to complete the deal.</p>
<p>“Either it’s going to happen or it’s not going to happen in the next six months,” said ACT executive director Ellen Richard.</p>
<p>Burning Man has narrowed its search to three Mid-Market sites, including the historic Warfield Building, but the organization remains uncertain it can afford the move, Goodell said.</p>
<p>In the meantime, Melchor is continuing to talk up the neighborhood’s potential while dealing with the harsh day-to-day realities of being a lonely pioneer.</p>
<p>“We’ve become this beacon in the area, but there’s no one else to help balance out what’s going on all around us,” she said on a recent afternoon, after politely turning away a man who knocked at the door asking for money. “We have a five-year lease. After that, we’ll have to see.”</p>
<p>Article source: <a href="http://www.nwfdailynews.com/articles/blighted-37981-real-downtown.html">http://www.nwfdailynews.com/articles/blighted-37981-real-downtown.html</a></p>]]></content:encoded>
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