San Francisco, California and its metropolitan areas contain some of the highest property values in the world. The price per square foot for commercial real estate rivals that of Hong Kong and New York.
Ditto for residential property, the prices are sky high and rising. In typical liberal fashion, these market forces for this highly desirable part of the country have been thwarted several decades ago by rent control laws that prohibited landlords from obtaining fair market rates for their assets.
And the low achievers that pay way less than fair market value in the short term can enjoy screwing their landlords out of the fruits of their labor owing to liberal politicians securing votes by sticking it to 'the man' and passing laws that prevent rents from achieving equilibrium....in the short run.
But these rent control laws are running up against very powerful forces, namely the laws of supply and demand. In the long run, the supply and demand forces will simply find a way to prevail despite the best efforts of scumbag politicians to keep them at bay and keep those whose lives are artificially improved through legislative fiat intact, in addition to their votes.
Landlords in general are not stupid. These guys are actually pretty damn savvy, on the whole. They have been patient, and since they are for the most part law abiding citizens, have gone along with the local governments' restrictions on their assets. But they have not been idle: there are ways, and then there are ways to beat the system.
Additionally, these landlords have hired particularly sharp attorneys, who have been hard at work finding ways to free up the locked value of San Francisco property, and legally evict these free loaders who have been squatting on the assets of others for decades and only paying peanuts for the privilege to do so.
The squeals of outrage from these low life squatters are now evident, as the chickens come home to roost in San Francisco. Evictions of deadbeats who either cannot afford any longer the cost to live in paradise, or choose to default and let the authorities work their charms while the TV cameras are rolling.
In any event, subverting the laws of supply and demand is not possible - in the long run. In the short term, sure. But those who live in the short term always have hell to pay in the long run.
Welcome to the NFL, all you San Francisco hippies who now have to pay fair market value. It's about time.
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