The City approved 59% of its housing permits for the year in May. But San Francisco is still on pace for its slowest start to a year since the end of the Great Recession.
San Francisco permitted more new housing units in May than in the first four months of the year combined, but The City is still on pace for its slowest start to a year since the end of the Great Recession.
San Francisco permitted an average of eight new housing units per month from February to April. Through the first four months of the year, The City permitted 33 new units of housing in all, meaning May accounts for 59% of San Francisco homes permitted for construction this year. Ex // Top Stories San Jose, not SF, only part of Bay Area where rents increased The Bay Area's median rental price dropped 4% from 2022, its first decline since 2020. But prices are still higher than before the pandemic
Ted Egan, The City's chief economist who spoke with The Examiner last month, pointed to the global financial crisis as a precedent for the downturn in permitting amid a softening housing market. Prices were mostly flat in May, according to Zillow data his office cited in Wednesday's report, with single-family home prices increasing slightly.
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