Falling Rents in San Francisco

Rents are falling in two of the most expensive US markets.

New York City and San Francisco are finally seeing declines in the cost of rent, according to the housing provider Equity Residential. The firm lowered its guidance for its revenue growth because of the softening in the two markets. It now projects a revenue increase of 4.0% to 4.5% for 2016, down from the original estimation of 4.5% to 5.0%.

"The revision is being driven by continued weakness in its New York portfolio and recent underperformance in the company's San Francisco portfolio," a release from Equity Residential said.

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Red Lanes in San Francisco

The first red paint that will designate Muni-only lanes hit the ground on Mission Street early Monday morning, signaling the start of a dramatic overhaul of the corridor’s traffic.

When finished, these “red carpet” lanes, as they are known, will secure a clear road for the 14-Mission and 49-Van Ness/Mission buses, speeding the ride for 65,000 riders.

Though the transit-only lanes will save just five minutes of travel time per trip, the San Francisco Municipal Transportation Agency estimates that each rider will save 43 hours of travel time each year.

The idea that the red lanes are “painted” is a bit of a misnomer – the lanes are actually created by adhering red thermoplastic to the cement, according to the SFMTA.

 

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The air is chill, and the day grows late,
And the clouds come in through the Golden Gate:
Phantom fleets they seem to me,
From a shoreless and unsounded sea;
Their shadowy spars and misty sails,
Unshattered, have weathered a thousand gales:
Slow wheeling, lo! in squadrons gray,
They part, and hasten along the bay;
Each to its anchorage finding way.
Where the hills of Saucelito swell,
Many in gloom may shelter well;
And others —behold— unchallenged pass
By the silent guns of Alcatras:
No greetings of thunder and flame exchange
The armed isle and the cruisers strange.
Their meteor flags, so widely blown,
Were blazoned in a land unknown;
So, charmed from war or wind or tide,
Along the quiet wave they glide.

 

What bear these ships? —what news, what freight,
Do they bring us through the Golden Gate?
Sad echoes to words in gladness spoken,
And withered hopes to the poor heart-broken:
Oh, how many a venture we
Have rashly sent to the shoreless sea!
How many an hour have you and I,
Sweet friend, in sadness seen go by,
While our eager, longing thoughts were roving
Over the waste, for something loving,
Something rich and chaste and kind,
To brighten and bless a lonely mind;
And only waited to behold
Ambition's gems, affection's gold,
Return as remorse, and a broken vow,
In such ships of mist as I see now.

 

The air is chill, and the day grows late,
And the clouds come in through the Golden Gate,
Freighted with sorrow, heavy with woe; —
But these shapes that cluster, dark and low.
To-morrow shall be all aglow!
In the blaze of the coming morn these mists,
Whose weight my heart in vain resists,
Will brighten and shine, and soar to heaven,
In thin white robes, like souls forgiven;
For Heaven is kind, and everything,
As well as a winter, has a spring.
So, praise to God! who brings the day
That shines our regrets and fears away;
For the blessed morn I can watch and wait.
While the clouds come in through the Golden Gate.

 

by Edward Pollock

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