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New SoMa High-Rise SRO To Require Residents To Be ‘Students Or Interns’

October 8, 2015

BY CALEB PERSHAN : SFist – excerpt

Rising at 1321 Mission Street between 9th and 10th Streets is what might be thought of as anSRO Hotel for 2015. It’s the Panoramic, and it offers us a view of housing for a population that seeks to learn and study on a budget in San Francisco: students and interns.

But the Panoramic isn’t just catering to that population, it’s requiring that its residents belong to it. Just like multiple properties highlighted in Apartment Sadness, and in an ongoing trend, the Panoramic is an SRO trying to be upscale by avoiding renting to low-income people who aren’t students and interns. And how is this not discriminatory housing? How will they even enforce that?…

With truly nice-sounding amenities and in an area that’s well situated to a young person interning at a downtown company or studying at a conservatory, this could be a good alternative to being price-gouged by a stranger on Craigslist. Especially, of course, for a student or intern with some savings or parental assistance
But how long can you last in these quarters at that price? As highlighted by the Business Times, a new Urban Land Institute report found that the San Francisco area’s high housing costs leave Millennials unsure of how long they’ll stick it out.
74 percent of Millennials living in the Greater Bay Area are considering moving away over the next five years due to expensive housing costs, while “just 24 percent are very confident that they will be able to own or rent their desired home in five years — a dramatically lower percentage than Gen Xers, 38 percent of which voiced strong confidence in their ability to move up; or Baby Boomers, at 49 percent,” in the words of the report… (more)
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