Single-room-occupancy hotels are some of the last scraps of low-income housing left in San Francisco. But for the city's high-tech strata, they're just another piece of property to flip for profit. And one tech-centric housing company stands accused of using unlawful evictions to turn a SoMa SRO into a gaudy co-op for dozens of tech workers.
The latest tech boom has been inflating commercial rents all across the Bay Area, but nowhere have the impacts been as acute as in San Francisco. The increases are certainly welcome news to the city's commercial landlords, but non-profits, small businesses, and startups are getting pushed out by rents they can't afford.
Unless you have a lot of money, it's often impossible to find a suitable spot for your business in New York, with office lease prices through the roof—and if you're a cash-strapped startup, well, don't bother getting out of bed. Shared offices are increasingly the norm, and it's a good business to be in.
When you can afford something like this, why not turn down $3 billion? Ha ha, joking, that's still baffling. At least Bobby Murphy, the other, 25-year-old, slightly less Machiavellian guy behind Snapchat, can ponder his business moves in a new, $2.1 million, ultra-modern Venice Beach fortress. [via Curbed]