Key facts
- San Francisco Mayor Daniel Lurie declared a rent emergency on Thursday.
- The median rent for a one-bedroom apartment in San Francisco is $4,495.
- The national median rent for a one-bedroom apartment is $1,900.
- Proposed reforms include caps on rent increases for rent-controlled apartments.
- Lurie proposed $27 million in funding for expiring federal housing vouchers.
- Payments to tenants evicted under the Ellis Act would increase.
San Francisco Mayor Daniel Lurie declared a rent emergency on Thursday, proposing reforms to address the city's soaring apartment prices and high rental costs. The Bay Area city, a hub for high-earning tech workers, has long been one of the most expensive housing and rental markets in the United States.
The median rent for a one-bedroom apartment in San Francisco is currently $4,495, according to rental listings site Zumper, compared to the national median of $1,900. These ballooning costs have been attributed to a recent influx of wealth from the tech sector, particularly as artificial intelligence companies have gone public. Demand has increased for limited housing options, while San Francisco has historically lagged in approving new housing developments.