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Notes -
Residential in San Francisco has constraints that don't apply to commercial.
Due to Prop 13, most San Francisco homeowners aren't techbros, they are elderly immigrants that bought thirty or forty years ago. If they sell, they lose their preferential tax treatment and have to move out of the ethnic enclave. Little Russian and Chinese grandmas in the Sunset aren't going anywhere, and that constrains supply.
Building residential also comes with significant political issues. Since housing is so tight, landlords and developers are seen as the enemy. The moment a developer proposes a residential unit, every single non-profit with a veto starts making demands for affordable units, protesting against gentrification, etc. Commercial doesn't have the same impact, which is why it's easier to build the Salesforce Tower than a four-plex.
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