At dinner with friends recently, the subject of rents came up.It’s a big topic around San Francisco, because an influx of new money (from hi-tech, mostly) and other factors have made that city a landlord’s delight. When they moved out of their two-bedroom apartment, our friends told us, the landlord raised the rent a thousand dollars, to $3800 a month. “It was nothing fancy,” they said, “hadn’t been updated in years, an ordinary middle-class neighborhood.” The new figure was almost exactly the San Francisco median rent for a two-bedroom this year and a little below the corresponding average as of last month: $3898.
My friends had heard of renters offering well over the asking price – more than double the average in one case – to be sure of getting a place that was otherwise undistinguished but came with parking or a good location for errands and walks.
So that’s my main quibble with Nick Hanauer’s rather remarkable screed on Politico, “The Pitchforks Are Coming…For Us Plutocrats.” In this “Memo To: My Fellow Zillionaires,” Hanauer makes an eloquent (and perhaps disturbing to its intended recipients) plea for what San Francisco and Seattle have deemed a livable minimum wage, $15 an hour.