Twitter Will Cause So Much Gentrification, They Invented a New Word
Your standard variety gentrification is trifling compared to what the Twitter IPO is about to do to San Francisco. The situation is so untenable that urban policy experts have started using a new term to describe it: hyper gentrification.
According to Bloomberg, the payroll-tax break San Francisco offered Twitter two years ago is coming home to roost. By that I mean Twitter's newly-minted millionaires are buying up all the homes:
Housing is totally out-of-control expensive now and the kind of hyper gentrification of San Francisco is gathering steam,” said Gabriel Metcalf, executive director of the San Francisco Planning and Urban Research Association, better known as SPUR, a nonpartisan urban policy organization.
“That’s because the size of the employment boom relative to the size of the housing stock is out of whack, coupled with decades of making it difficult to build housing,” Metcalf said.
“The IPO itself won’t literally just by itself change housing costs, but it’s part of this bigger wave of demand for housing that’s really made costs out of sight,” Metcalf said.
With buyers throwing down all cash at insane prices in the right neighborhood and displaced San Francisans wondering if some of that "incredible wealth" could buy Oakland cops and teachers, it's like a regular ole gentrifier barely stands a chance in this town.
What's next turbo gentrification? Optimizing your gentrification flow?
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[Image via Getty]