Home prices at the Center of San Francisco increase, and not only because the new mayor addresses quality of life problems

After years of decline of property values, enclosed shop windows and an exodus driven by remote technology workers pandemic, life signs are re -published in the nucleus of San Francisco.

The prices of the list of median housing in a central postal code, which covers the neighborhoods such as Nob Hill, Union Square and the Tenderloin, increased by 51% in May compared to the same time last year, according to Realtor.com.

Although these figures reflect the list’s prices instead of the final sale prices, and they can be swinging depending on the combination of houses that enter the market, the strengths of the renewal of the renewed buyer in an area that, until recently, symbolized the struggles of San Francisco.

The change occurs not only as more workers return to his offices, but also when the newly elected mayor Daniel Lurie pushes a cleaning campaign to reverse the city’s reputation.

Since taking office in January, Lurie has focused on curbing outdoor drug markets, reducing homeless home and increasing sanitation, while also proposing a budget focused on basic services such as public security.

“The people of this city have asked us to rebuild a safer, cleaner and more prosperous San Francisco,” Lurie said last month. “To do it, we must provide clean and safe streets, address the crisis of homeless and addiction and revive the spirit and strength of companies and neighborhoods throughout this city.”

Lurie, a political newcomer and heir to Fortune Levi Strauss, defeated the Mayor of London in a campaign dominated by the concerns about quality of life problems.

Its proposed budget of $ 800 million includes controversial cuts to the city’s workforce, approximately 1,400 positions, while also extending the initiatives of the law and the health of behavior.

Among the measures already underway: the application aimed at the points of interest of drugs and the new rules that require the drug paraphernalia distributed throughout the city that are combined with the advice of advice.

Although some critics have protested for staff cuts, Lurie’s office has made early progress. Criminality drops almost 30%, car breaks are at the lowest in 22 years, and street camps have dropped to the lowest level since 2019, according to the city.

“We definitely begin to see progress,” said Realtor.com Steven Huang, founder of Ascend Real Estate and president of the San Francisco Reactors Association. “Something is visible today, and I would say that even in the city center, in Union Square, our famous commercial district, you will definitely see much more foot traffic, but it is only the beginning.”

The recovery of the house is still unequal. In the wider metro in San Francisco, the price of the median home list was $ 998,000 in May, still 4% lower than the year earlier. Most postcodes from all over the city are still behind pre-pandemic price levels.

The collapse really began by 2022, when the prices of the Home of San Francisco decreased by 12% in a section of nine months, according to the price rate of the cases.

The overflow of the city center, fed by work shifts from home, office vacancies and the crisis of Fentanyl, let the corridors very calm.

“Demand for housing in the center of San Francisco fell when office workers were remote and even moved,” said Hannah Jones, a senior economic research analyst at Realtor.com.

“However, compared to last year, prices increase again, which suggests that the demand for houses in the city increases again, perhaps caused by the return requirements for the officer.”

It can be seen if you can see if you can keep your current impulse. The market continues to browse high interest rates, accessibility challenges and persistent concerns about public safety. But with the companies alas that are grouped in the area of ​​the bay and the cleaning of the center of the city, some see the beginnings of a fragile rebound.